Overview
- Spot gold rose about 1% to roughly $4,550 per ounce on Tuesday, with silver near $72–$73, in a short-term bounce after last week’s lows.
- Even with the rebound, prices are down more than 13% for March in what would be the steepest monthly drop since October 2008, though gold remains up about 5% for the quarter after January’s record.
- Dealers and analysts point to the U.S.–Iran war lifting oil, which has stoked inflation fears, pushed Treasury yields higher, strengthened the dollar, and led traders to scale back expectations for Federal Reserve rate cuts this year.
- In India, retail benchmarks hovered near ₹1.48 lakh per 10 grams for 24K, while Delhi’s wholesale gauge rose by ₹3,700 to ₹1,51,500 per 10 grams on wedding-season buying, according to the All India Sarafa Association.
- In Pakistan, official sarafa data showed per-tola gold climbing by Rs2,800 on Tuesday to Rs478,762, with local moves tracking the global uptick.