Wednesday 11/March/2026 – 09:31 AM
Price rose gold Today, Wednesday, with the decline in oil prices calming inflation fears, while investors await a series of US economic data this week to assess the expectations of Federal Reserve policy.
The price of gold in spot transactions rose 0.4% to $5,213.99 per ounce at 01:09 GMT, and US gold futures contracts for April fell 0.4% to $5,221.80.
The United States and Israel bombed Iran with what the Pentagon and the Iranians on the ground described as the most powerful air strikes of the war, despite expectations from global markets that President Donald Trump would seek to end the conflict soon, according to Reuters.
One-fifth of the world’s oil and liquefied natural gas
The war led to the closure of the Strait of Hormuz, a vital passage for a fifth of the world’s oil and liquefied natural gas, which led to the cessation of oil tankers for more than a week and forced producers to stop production as stores became full, which pushed energy prices to rise. The US Central Command announced in a statement that the army destroyed 16 Iranian mine tankers near the Strait of Hormuz yesterday, Tuesday.
Oil prices fell, calming inflation fears, a day after Trump predicted a quick end to the war with Iran, while the Wall Street Journal reported that the International Energy Agency proposed the largest withdrawal from strategic oil reserves ever.
Markets now await the US CPI for February, due later today, and the Personal Consumption Expenditures Index – the Federal Reserve’s preferred measure of inflation – on Friday.
The CME Group’s FedWatch tool indicates that investors expect the Federal Reserve to keep interest rates steady in the current range between 3.5 and 3.75% at the end of its two-day meeting on March 18.
As for other precious metals, the price of silver in spot transactions rose 0.6% to $88.89 per ounce, the price of platinum rose 1% to $2,221.48, and the price of palladium increased 1.5% to $1,679.73.
