Gold claws back from over one-month low

Gold clawed back from over one-month low

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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 slumps ahead of Fed Statement

Gold slumps ahead of Fed Statement

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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 slid as Iran war ramped up again

Gold slid as Iran war ramped up again

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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 on optimism over Iran war

Gold Leaps on optimism over Iran war

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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.

Continue reading →
Gold rebounded on Iran deadline extension

Gold rebounded on Iran deadline extension

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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 ticks up while headed for down week

Gold ticks up while headed for down week

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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 →

Conflict With Iran and What It Means for Gold and Silver

Conflict With Iran and What It Means for Gold and Silver

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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 ticks up on weak jobs report

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Gold ticks up on this morning’s weak U.S. jobs report, after rebounding early Friday from its weekly declines triggered by a strong dollar. The yellow metal continues getting support from investors turning to risk-off assets because of the U.S.-Israel-Iran war. Continue reading →

Gold rises on Mideast fears

Gold rises on Mideast fears

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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 →

Ever wonder what Olympic medals are worth?

Ever Wonder How Much an Olympic Gold Medal is Worth?

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ADDISON, TX (February 5, 2026) – As the Milan Cortina 2026 Winter Olympics and Paralympics (XXV Winter Olympic Games) approach and organizers showcase the Games’ newly designed medals, precious metals firm Dillon Gage has calculated what one of the world’s most recognizable prizes would be worth if it were made entirely of solid gold. Continue reading →

Gold falls but headed for weekly, monthly rallies

Gold falls but headed for weekly, monthly rallies

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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 climbs as dollar falls ahead of Fed

Gold soared as dollar tumbled ahead of Fed

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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 and silver poised for best year in decades

Gold and silver poised for best year in decades

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Gold and silver poised for best year in decades despite slipping early Wednesday as silver tumbled from near-record highs on profit taking and a stronger dollar. Platinum is also set for its biggest annual gain on record.

Precious metals have gotten a boost this year on geopolitical and economic risk as well as anticipation of future interest rate cuts. 

February gold futures rose 1% Tuesday to settle at $4,386.30 an ounce on Comex, though the most-active contract retreated 3.7% in the first two days of the week. Bullion is up 3.1% in December after gaining 6.5% in November and increasing 3.2% in October. It’s up 66% this year. The metal rose 27% in 2024, its biggest annual gain since 2010.  The February contract is currently down $25.10 (-0.57%) an ounce to $4361.20 and the DG spot price is $4343.00.

March silver futures rallied 11% Tuesday to settle at $77.92 an ounce on Comex, and the most-active contract gained 0.9% so far this week. The white metal hit a series of record highs this month. Silver is up 36% this month after increasing 19% in November and rising 3.3% in October. It’s up 166% this year after rising 21% in 2024. The March contract is currently down $5.119 (-6.57%) an ounce to $72.800 and the DG spot price is $73.41.

Most global financial markets will be closed Thursday for New Year’s Day.

Gold in particular has been sensitive to speculation about multiple U.S. interest rate cuts in 2026. Lower interest rates are typically bullish for precious metals, making them a more attractive alternate investment. 

The minutes of this month’s Federal Reserve policy meeting, which came out Tuesday, showed that policymakers were tightly split over whether to cut rates this month. The Fed ended up reducing interest rates for a third consecutive time to 3.50% to 3.75%. The minutes indicated that this divide is likely to persist, however.

“With respect to the extent and timing of additional adjustments to the target range for the federal funds rate, some participants suggested that, under their economic outlooks, it would be appropriate to keep the target range unchanged for some time after a lowering of the range at this meeting,” the minutes stated. 

About 85% of investors are betting that the Fed will keep interest rates unchanged at the next policy meeting at the end of January, according to figures tracked by the CME FedWatch Tool. About 16% expect another 25 basis point cut. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts last year. 

Precious metals have also soared in recent weeks on geopolitical tensions, including between the U.S. and Venezuela and the ongoing conflicts in Ukraine and Gaza. Precious metals are a traditional hedge against geopolitical and economic uncertainty. 

Silver, meanwhile, has been rallying on industrial demand and tight supply as it’s increasingly considered a critical metal for electronics and other goods. The same is true for platinum and palladium, which also had a strong year. 

Spot palladium advanced 1.5% Tuesday to $1,651.50 an ounce but has plunged 15% so far this week. Palladium is up 14% this month after adding 0.5% in November and rising 14% in October. Palladium is up 78% this year after dropping 17% in 2024. Currently, the DG spot price is down $54.10 an ounce to $1643.00.

Spot platinum rose 7% Tuesday to $2,235.00 an ounce but is down 7.9% so far this week. It’s up 35% in December after climbing 4.7% in November and rising 1% in October. Still, platinum is up 145% in 2025 after losing 8.4% in 2024.  The DG spot price is currently down $169.70 an ounce to $2085.40.

Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.