Global gold prices plunged on March 19, 2026, shedding over $300 and falling below $4,600 per ounce amid growing concerns about inflation fueled by the ongoing conflict between the United States and Iran. The decline suggests investors are reassessing safe-haven assets in light of potential shifts in monetary policy.
The price of gold also faced downward pressure from a strengthening dollar, which makes the precious metal more expensive for buyers using other currencies.
As of 8:04 PM Thai time, spot gold prices dropped $354.48, or 7.25%, to $4,536.75 per ounce.
April gold futures on the Commodity Exchange (COMEX) fell $319.80, or 6.53%, to $4,576.40 per ounce. Investors are closely monitoring the U.S.-Iran conflict, now entering its third week, and the potential for energy shocks that could exacerbate inflationary pressures worldwide. Oil and gas prices surged yesterday following attacks on energy infrastructure in Iran and Qatar.
Central banks are carefully tracking the situation in the Middle East. The U.S. Federal Reserve yesterday decided to hold interest rates steady, signaling only one rate cut this year, and noted the uncertainty surrounding the impact of the Middle East situation on the U.S. Economy. The decision highlights the delicate balance central banks face in managing inflation and economic stability.
The Bank of Japan (BOJ) also announced it would maintain its current interest rate, while indicating that the risk of rising inflation has increased as a result of the U.S.-Iran conflict.
