Global Gold Prices Stable Amid US-Iran Tensions Over War's End

Global gold prices have moved steadily after recording a limited recovery over the past two days. Market participants are still monitoring the differing attitudes between the United States (US) and Iran regarding efforts to end the conflict in the Middle East.

Quoted from Bloomberg on Thursday (26/3/2026), gold prices held steady in the range of $4,500 per ounce, after previously rising more than 2 percent over the last two trading sessions.

Meanwhile, the April Comex gold futures contract (GC=F) for delivery was recorded at $4,444.30 per ounce, down $108 or 2.37 percent in the last trading session.

Amid these diplomatic efforts, the US is also reported to be deploying thousands of troops to the Middle East region. This move has triggered market concerns over the potential for a high-risk ground invasion.

Since the conflict erupted nearly a month ago, gold prices have actually fallen around 15 percent. The movement of this precious metal tends to align with stocks and move in the opposite direction to oil prices.

The surge in energy prices is also increasing inflation risks and prompting expectations that central banks will keep interest rates high, or even raise them. This condition acts as a negative sentiment for gold, which is a non-yielding asset.

Several Wall Street analysts have begun to cut their projections for US economic growth this year. At the same time, they are raising estimates for inflation and unemployment rates, as well as increasing the probability of a recession.

In terms of fund flows, around 85 tonnes of gold have exited exchange-traded funds (ETFs) since the conflict began, according to Bloomberg calculations.

Analysts from Standard Chartered Plc, including Sudakshina Unnikrishnan, note that although gold prices are in the $4,500 per ounce range, there are still about 83 tonnes of holdings in losing positions that could potentially be released to the market.

“Market positions that are already high are likely still vulnerable in the short term,” the analysts wrote.

In trading terms, spot gold prices rose slightly by 0.1 percent to $4,511.95 per ounce at 13:10 Singapore time.

Meanwhile, silver prices strengthened by 0.2 percent to $71.32 per ounce. Platinum and palladium also recorded limited gains. The Bloomberg US Dollar Index was relatively stable.