Gold prices edged higher on Tuesday, March 17, 2026, as investors continued to assess the economic fallout from ongoing conflict in the Middle East. The precious metal’s performance comes ahead of a series of central bank monetary policy decisions this week, adding to market uncertainty.
Gold in spot transactions rose 0.4% to $5,023.19 per ounce, while U.S. Gold futures for April delivery increased 0.5% to $5,027.20, according to reports. The slight gains reflect a cautious optimism as concerns about prolonged disruptions to oil shipments eased somewhat.
Iranian Foreign Minister Abbas Araghchi stated on Monday that the Strait of Hormuz remains open, and some vessels have reportedly navigated the critical waterway. However, oil prices have remained above $100 per barrel due to the U.S.-Israeli conflict with Iran, which has largely closed the strait and disrupted global supply chains for weeks.
U.S. President Donald Trump reiterated calls for international assistance in reopening the passage, expressing frustration at the lack of support from other nations. Elevated oil prices contribute to inflationary pressures by increasing transportation and production costs.
The situation highlights the sensitivity of global markets to geopolitical events and their potential impact on energy prices, and inflation. Investors are closely monitoring developments in the Middle East and anticipating the response from central banks as they weigh their next policy moves.
Recent reports as well indicate that gold had previously experienced a decline for the second consecutive week, while poultry prices rose and the dollar weakened, as noted in a recent economic bulletin. Sky News Arabia reported on these trends.
