Gold steadies above $5,000 an ounce as oil tops $100 with Iran-US war entering third week

SEATTLE (Scrap Monster):  Bloomberg reported that global gold prices held steady as the war in the Middle East entered its third week, with traders weighing further threats to global oil supply. Crude oil climbed above $100 a barrel.

The precious metal moved little above $5,000 an ounce in Monday morning trading (March 16, 2026), after falling for a second consecutive week.

Crude prices jumped on Monday after US strikes over the weekend on Iran’s main oil-export hub on Kharg Island, followed by retaliatory attacks against Israel and energy infrastructure in Arab states.

Higher energy prices and rising inflation concerns have sharply reduced expectations that the US Federal Reserve and other central banks will cut interest rates—typically a negative factor for non-yielding precious metals.

Morning price update (March 16, 2026)

Spot gold was steady at $5,024.18 an ounce at 6:12am Singapore time (one hour ahead of Thailand). Silver fell 0.5% to $80.25, while platinum and palladium also declined. The US dollar strengthened, with the Bloomberg Dollar Spot Index rising 0.7% in the previous session and up 1.1% last week.

Courtesy: www.nationthailand.com