World Gold Prices Stable as Markets Monitor Iran Conflict and Await Fed Decision
NEW YORK — Gold prices moved steadily at the close of trading on Tuesday, 17 March 2026 (local time) or Wednesday, 18 March 2026 (Jakarta time), as market participants monitored escalating Iran conflicts and awaited the monetary policy decision from the United States Federal Reserve (The Fed).
According to Reuters, spot market gold prices remained relatively unchanged at $5,004.71 per ounce.
Meanwhile, US futures gold contracts for April delivery rose slightly by 0.1 per cent to $5,008.20 per ounce.
“The gold market reflects a kind of balance between demand for safe-haven assets due to increasing geopolitical uncertainty and negative pressure from inflation,” said Jim Wyckoff, senior analyst at Kitco Metals.
“I think gold will likely set a new record high, but I don’t believe that will happen in the near term. I think the upward momentum has started to weaken,” he added.
Gold is known as a hedge asset amid global turmoil and inflation. However, its appeal tends to diminish in a high interest rate environment because it provides no yield.
The conflict between the United States and Israel against Iran, now in its third week, has triggered serious disruptions to energy trading and increased concerns about inflation spikes. Global oil prices rose more than 2 per cent in the same trading session, reinforcing market concerns about global inflationary pressure.
Market participants are now awaiting the interest rate decision from the US Federal Reserve, scheduled to be announced on Wednesday (local time). Investors expect The Fed will maintain its benchmark rate at 3.5-3.75 per cent.
In a statement, Commerzbank noted that The Fed’s meeting will likely not provide significant momentum for gold prices, given that uncertainty over the duration of the war and oil supply disruptions are making the central bank cautious.
Meanwhile, for other precious metals, spot silver prices fell 1.5 per cent to $79.55 per ounce. Platinum prices rose 0.6 per cent to $2,129.53 per ounce, and palladium strengthened 0.7 per cent to $1,609.70 per ounce.