Blog

Gold slips for a second ‌session on Wednesday as hopes dimmed for a quick end to the U.S.-Iran conflict. Investors also watch news on whether the U.S. and Iran are close to a truce and what the Federal Reserve intends to do regarding future monetary policy. Continue reading →

Gold fell early Friday and headed for a weekly loss on a strong dollar and as high oil prices from the war in Iran increased speculation that the Federal Reserve will have to increase interest rates. Continue reading →

Gold reclaimed some turf, getting back near the $4500 mark after falling to its lowest level in about a month and a half early Wednesday on a strong dollar and high Treasury yields. However, ‌U.S. Treasury yields have now slipped on hopes of a potential resolution to the U.S.-Iran conflict easing some inflation concerns, giving gold a bump. Continue reading →

Gold clawed back territory in Monday morning trading after falling to a one-and-a-half-month low earlier in the trading day. The yellow metal found a structural case for support as investors bought the dip bringing it closer to the $4600 per ounce mark. The bullion early morning plunge was driven by high oil prices and inflation concerns stemming from the war with Iran. Continue reading →

Gold tumbles through early Friday trading on increasing inflation fears driving expectations that interest rates will remain high for some time amid rising oil prices. The yellow metal is also getting dinged by a stronger dollar. Continue reading →

Gold dropped early Wednesday after yesterday’s report showing soaring U.S. inflation data bolstered expectations that the Federal Reserve will leave interest rates unchanged for some time. This morning’s producer price index data served to reinforce the concerning inflation outlook. Continue reading →

Gold drops early Monday as hopes for a U.S.-Iran peace deal dissipated, clouding interest rate-cut hopes and boosting the dollar, making the yellow metal a less attractive alternate investment. Continue reading →

Gold boosted Friday morning on positive U.S. jobs data and aims for a weekly gain on the latest reports of a possible peace deal between the U.S. and Iran which helped ease concerns about inflation and elevated interest rates. Continue reading →

Gold climbed early Wednesday as soaring optimism about a possible peace deal between the U.S. and Iran that also sent the dollar and oil prices lower. Continue reading →

Gold edged lower early Monday amid ongoing concerns about inflation and the Iran war after the U.S. said it would escort oil tankers through the Strait of Hormuz. Continue reading →

Gold steady, but early Friday appears poised for a weekly loss amid fears that inflation will keep interest rates elevated for some time driven by oil prices. Continue reading →

Gold slumps Wednesday morning ahead of this afternoon’s Fed policy statement. Gold dropped for a third straight session on inflation ‌worries tied to the Middle East conflict. Investors await further guidance from the Federal Reserve later in the day on the economic impact of the Iran war. Continue reading →

Gold hovering at the $4700 mark Monday morning as investors awaited further clarity on talks between the U.S. and Iran to resolve the almost two-month-old war. Continue reading →

Gold recovered from an early Friday dip to hold steady near $4700 as investors eye Middle East developments. Inflation fears stemming from the war in Iran have pushed the expected timeline of any Federal Reserve interest rate cut even further out.  Continue reading →

Gold climbs as oil and the dollar weaken early Wednesday after U.S. President Donald Trump said he would extend the ceasefire with Iran. Continue reading →

Gold slid early Monday while the dollar strengthened as the Iran war ramped up again over the weekend, resulting in the renewed closure of the critical Strait of Hormuz. The price of platinum joined gold in touching one-week lows a little earlier in the session. Continue reading →

Gold leaps over 1% on this morning’s news that the Strait of Hormuz is open as the yellow metal heads for a weekly gain on growing optimism over the Iran war. President Donald Trump said the U.S. was close to ending the Iran war, indicating that talks between the two countries may resume this weekend to fully end the conflict which has roiled markets, particularly in energy. The news weakened the dollar, making gold more expensive for holders of other currencies.

Gold dropped early Monday as the dollar and oil prices climbed following the collapse of U.S.-Iranian negotiations over the weekend and President Donald Trump’s threat to blockade the Strait of Hormuz, a critical oil-market artery.

Gold tips lower early Friday but was headed for a weekly gain amid uncertainty about the staying power of the ceasefire announced between the U.S.-Israel coalition and Iran. 

Gold inches up early Monday on renewed safe haven interest as the Iran war raged on. The yellow metal still getting resistance from a boosting dollar, and strong U.S. jobs data for March the reduced speculation that the Federal Reserve cut interest rates soon. Continue reading →

Gold rises to the highest level in almost two weeks early Wednesday as the dollar weakened amid speculation that the war in Iran is ending. Continue reading →

Gold rebounding early Monday, extending gains as bargain-seeking investors began buying the precious metal following gold’s slide since the war started. Continue reading →

Gold rebounded early Friday after U.S. President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz, which was read as a signal that the conflict in the Middle East may stretch out, worsening inflation and perhaps sending interest rates higher. The yellow metal also getting support as investorsbuy the dip.   Continue reading →

Gold jumps early Wednesday as the dollar and oil prices fell on Iran war optimism driven by indications that the conflict in the Middle East may begin to ease. Continue reading →

Gold reclaims some ground, getting back near $4500 an ounce, after President Trump announced a potential dramatic de-escalation in the ongoing Iran conflict in a Truth Social post Monday morning.   Continue reading →

Gold ticks up in early Friday trading following Thursday’s plunge on inflation fears triggered by the ongoing war in Iran reduced expectations that the Federal Reserve will cut interest rates multiple times this year. Gold and silver are both headed for a down week, with the yellow metal on course to close down 9% and silver down more than 10% for the week. Continue reading →

By Jason Laurie

Rising tensions involving Iran have pushed geopolitical risk and energy markets back into focus. That often leads to an immediate assumption that gold and silver should be surging.

That has not been the full story.

Precious metals usually respond to geopolitical stress, but the move is rarely driven by headlines alone. The bigger transmission channel is often energy. When conflict raises concerns about oil flows, inflation expectations can shift, interest-rate expectations can move and investor demand for defensive assets can strengthen. That mix matters for gold and silver far more than a single news cycle does. The Strait of Hormuz remains one of the world’s most important oil chokepoints, accounting for about 20% of global petroleum liquids consumption and roughly one quarter of globally traded maritime oil in 2025.

What is the main takeaway for gold and silver investors?

The key point is simple. Gold is acting more like a geopolitical hedge than a panic trade.

That distinction matters. Gold often performs well when markets are pricing risk methodically, especially when investors see a chance that higher energy costs could keep inflation firmer for longer. The World Gold Council says geopolitics will remain an important investment driver in 2026 and that gold’s appeal as a hedge should continue to attract demand.

Silver is part of the same story, but it behaves differently. It can benefit from safe-haven buying, yet it also trades as an industrial metal. That dual role tends to make silver more volatile than gold in both directions. The Silver Institute continues to highlight strong industrial demand as a major force in the market.

Why does oil matter more than the headlines?

When markets look at Iran, they are also looking at shipping lanes, refinery flows and the possibility of supply disruptions. The Strait of Hormuz is the central pressure point. The U.S. Energy Information Administration (EIA) says a prolonged disruption there could affect around one-fifth of global petroleum liquids consumption, while the International Energy Agency (IEA) has noted that the route is central to exports from major Gulf producers.

That is why oil often serves as a bridge between geopolitical tensions and precious metals pricing.

Higher oil prices can support gold through three channels:

• rising inflation expectations
• more uncertainty around central bank policy
• broader market volatility

When that pressure persists, gold tends to get firmer support. This relationship also helps explain why gold does not always spike on the first geopolitical shock. Investors may wait to see whether the event changes the inflation and rates outlook in a lasting way.

Has the IEA tried to calm the oil market?

Recent reporting indicates that emergency oil-stock discussions moved quickly as energy markets reacted to the conflict. Reuters reported on March 11 that the International Energy Agency agreed to release 400 million barrels of oil, with support from member countries, to ease the supply shock and cool crude prices.

For precious metals, that matters because efforts to cool oil can also reduce the odds that an energy spike feeds directly into broader inflation pressure. If the oil market stabilizes, gold may still hold its geopolitical bid, but one of its biggest macro tailwinds can soften.

Why does gold still have structural support?

Even when the immediate geopolitical reaction is muted, gold still has a strong underlying base of demand.

Central banks remain an important part of that story. The World Gold Council says central bank demand stayed durable through 2025, with net central bank demand rising to 230 tonnes in the fourth quarter of 2025. Its reserve survey also found that gold continues to play an important role in reserve management during periods of uncertainty. The European Central Bank has likewise noted gold’s value for diversification and for managing geopolitical risk.

That matters because structural official-sector buying can help support gold prices even when rates are elevated or short-term market sentiment shifts.

Why is silver usually more volatile than gold?

Silver sits in two markets at once.

It is a precious metal and a store of value, but it is also an industrial input used across manufacturing, electronics and energy-related applications. The Silver Institute says industrial demand remains a key driver of the silver market and its 2025 survey points to another sizable market deficit with industrial usage at record levels.

That dual identity helps explain why silver can move more sharply than gold. If investors want safe-haven exposure, silver may rise with gold. If markets begin to worry about weaker growth or softer industrial demand, silver can come under pressure more quickly.

What are markets watching next?

Markets are now watching the next layer of consequences, not just the initial conflict.

The biggest questions are whether oil shipments through the Strait of Hormuz remain stable, whether the International Energy Agency release meaningfully offsets supply pressure, whether higher energy costs begin to shift inflation and interest-rate expectations and whether investors continue to add to gold as a hedge against persistent geopolitical risk.

That is the framework that matters most. For precious metals, the issue is not only that conflict exists. It is whether conflict changes the macro backdrop in a way that lasts.

What does this mean for Dillon Gage clients?

For dealers, institutions and other market participants, this is the kind of environment where access, liquidity and execution matter. Dillon Gage has built its business around wholesale precious metals trading, refining, minting and storage, serving dealers, financial institutions, banks and brokerage houses worldwide. As an authorized purchaser from the U.S. Mint and major sovereign mints, the company supports the market through metal sourcing, production capabilities and real-time physical metals trading through FizTrade. For clients seeking secure storage solutions, International Depository Services Group provides fully segregated and insured vaulting for precious metals.

How Oil, Inflation and Risk Are Driving Precious Metals

Gold and silver are not reacting to Iran-related tension in a vacuum. They are responding through oil, inflation expectations and the broader path of economic risk.

Gold continues to behave like a geopolitical hedge. Silver remains tied to both investor sentiment and industrial demand. If energy disruption proves temporary, precious metals may stay supported without breaking sharply higher. If the oil shock lasts and inflation expectations climb, the case for stronger support in gold and potentially more volatile moves in silver becomes much clearer.

This market commentary is for informational purposes only and should not be considered investment advice.

About the Source
Jason Laurie, Business Development Manager, North America for Dillon Gage Metals

Gold drops on the release of this morning’s inflation report, as investors now await the Federal Reserve’s monetary policy outlook later in the day.

Gold clawed back above the $5000 mark, but still extends last week’s losses, as heightened concerns about inflation supported speculation that the Federal Reserve will keep interest rates elevated for most of this year, including at its next policy meeting this week.

Gold tipped back up early Friday but was poised for a weekly drop as investor inflation, in part because of the recent oil price spike on the war in Iran, reduced expectations that the Federal Reserve will cut interest rates this year. 

Gold falls off recent highs on reports that the International Energy Agency was coordinating a global release of oil reserves to temper the supply shock from the Iran war’s closure of the Strait of Hormuz, which has spurred energy prices this week and roiled markets worldwide. The yellow metal also getting pressure from this morning’s inflation data. Continue reading →

Gold drops early Monday as oil prices spike and inflation fears loom driven by the escalating conflict in the Middle East, which extended into a second week.

Gold rises early Wednesday as investors bought up the precious metal following a dip the first two days of the week and amid increased fears of a prolonged Middle East conflict. The yellow metal is also buoyed by a slipping dollar. Continue reading →

Gold soars early Monday on haven demand following the U.S. and Israel strikes on Iran over the weekend, killing the Islamic republic’s Supreme Leader Ali Khamenei and prompting reprisal attacks throughout the Mideast. Continue reading →

Gold rose as this morning’s inflation report adds to economic uncertainty. Higher inflation tends to suppress the yellow metal, but safe haven inflows continue to give it support. Gold is headed for a weekly and monthly gain that could lead to its longest monthly rally streak in 50 years.

Gold rose early Wednesday triggered by investor uncertainty around both U.S. tariff policy and Middle East geopolitical risks, with an additional boost from a softer dollar.

Gold extended gains early Monday, with spot prices topping the $5100 an ounce mark, on haven demand after U.S. President Donald Trump issued an ultimatum to Iran and fresh tariff uncertainty impacts trade policy. Continue reading →

Gold jumped over $25 an ounce following the release of U.S. economic reports, then slipped when the Supreme Court made a ruling on President Trump’s tariffs. Even with the drop, the yellow metal is sticking over the $5000 an ounce mark. Continue reading →

Gold and silver rebound from a one-week low early Wednesday, ahead of this afternoon’s Fed minutes, as investors snapped up lower prices after the metal tumbled Tuesday on a stronger dollar, bringing the yellow metal back to the $5000 an ounce mark. Continue reading →

Gold slipped early Monday on profit-taking after an inflation report released last week took gold above the $5,000-an-ounce threshold again. Continue reading →

Gold back to the $5000 mark, buoyed by cooler inflation data. Silver also rebounded early Friday as investors bought both metals following a selloff in the previous session.

Gold and silver rise early Monday as investors took advantage of the precious metals recent price tumble to snap up the assets.  Continue reading →

Gold is back above $4900 an ounce, rebounding as global equities fell and U.S.-Iran tensions continue. Meanwhile, silver fell early Friday, headed for a weekly loss, after CME Group raised the margin requirement for both futures contracts to address volatility in the markets following silver’s Thursday tumble. Continue reading →

Gold extends its rebound to a second day, rising early Wednesday back over the $5000 an ounce mark. Much of the bounce is appears driven by investors who expect the yellow metal to rally buying the dip. Continue reading →

Gold claws back some of its turf in Monday morning trading, putting it back above $4700 an ounce. Friday saw gold’s biggest drop in a decade triggered by the news that U.S. President Donald Trump would appoint inflation hawk Kevin Warsh as the next Federal Reserve chairman. Silver also fell below $100 an ounce on the news.

Gold falls early Friday as reports that U.S. President Donald Trump will appoint Kevin Warsh as the next Federal Reserve chairman triggered a correction after precious metals rallied to record highs this week. Gold also slipped as the dollar firmed on the Fed Chair report. However, the yellow metal is still headed for weekly and monthly rallies. Continue reading →

Gold soared early Wednesday, breaching the $5300 an ounce mark, as the dollar tumbled ahead of this afternoon’s Fed decision. The currency’s drop occurred after President Donald Trump said that he isn’t concerned about the value of the currency, which is trading at its lowest level in four years. Continue reading →

Gold jumps in early morning trading, extends rally above $5,100 an ounce, on haven demand and a weaker dollar which also took silver higher into triple-digit territory and platinum to a new record. Continue reading →

Gold and silver continue to soar with gold taking aim at $5000 an ounce early Friday as silver approached $100 an ounce and platinum hit a record. Continue reading →

Gold easily topped $4,800 an ounce for the first time ever early Wednesday, and silver was near a record high as tensions intensified between the U.S. and European allies over President Donald Trump’s attempts to acquire Greenland.  Continue reading →

Gold and silver soar to record highs early Monday on U.S. tariff threats and escalating tensions over U.S. President Donald Trump’s attempts to acquire Greenland, with gold nearing the $4700 mark. Continue reading →

Gold and silver ease early Friday on weaker haven demand from geopolitical tensions. Silver fell from a record high after the U.S. refrained from imposing import tariffs on critical minerals. Continue reading →

Gold and silver continue record breaking rallies with silver soaring above $90 an ounce amid increased concern about Federal Reserve independence, the prospect of more interest rate cuts and geopolitical tensions. Continue reading →

Gold ticks up after U.S. jobs report for December shows softly mixed data. Continue reading →

Gold slips from a one-week high early Wednesday on profit taking and a stronger dollar.

Gold and silver rallied early Monday on haven demand hitting a one-week high after the U.S. deposed Venezuelan President Nicolas Maduro over the weekend, transporting him and his wife to New York to face U.S. drug and weapons charges.  Continue reading →

Gold and silver rallied early Friday after posting their best annual performances in decades in 2025. Platinum also saw a New Year surge. Continue reading →