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Gold Price $XAUUSD Surges Nearly 2% Amid Middle East Conflict Uncertainty
NEW YORK. Gold prices surged nearly 2% on Wednesday (25/3/2026), driven by declining oil prices that eased inflation concerns and lowered expectations for interest rate increases, despite ongoing uncertainty from Middle East tensions.
Spot gold prices rose 1.8% to US$4,552.94 per ounce at 13:30 local time, after touching a four-month low last Monday. Meanwhile, U.S. gold futures contracts for April delivery closed up 3.4% at US$4,552.30.
"Gold is experiencing a technical recovery and is also supported by optimism that hostilities involving Iran may ease, which is pressuring oil prices," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals.
He added that if inflation concerns continue to decline, gold has the potential to rise back to US$5,000 per ounce.
Oil prices fell after the United States sent a 15-point proposal to Iran to end the conflict. Iran is still reviewing the proposal, though its initial response was negative, according to a senior Iranian official who spoke to Reuters.
On the other hand, the Pentagon plans to send thousands of air force personnel to the Gulf as an additional option for President Trump to conduct ground strikes if necessary.
The decline in oil prices eased inflation pressure, which in turn reduced the risk of prolonged high interest rates.
"Although gold is typically viewed as an inflation hedge, high interest rates diminish its appeal due to increased opportunity costs," said an analyst from SP Angel.
SP Angel also highlighted that recent gold price volatility reflects the outflow of speculative investment flows in 2025, but the trend of central bank reserve diversification is likely to continue in 2026.
Throughout 2025, spot gold prices rose 64%, even reaching an all-time high of $5,594.82 per ounce on January 29.
In addition to gold, other precious metals showed the following movements: spot silver rose 1.7% to US$72.41, platinum rose 0.1% to US$1,936.00, while palladium fell 1% to US$1,424.99.