Gold Pares Gains as Oil-Price Swings Cloud Outlook for Rate Cuts

A selection of 100 gram gold bars arranged at bullion dealer in Budapest, Hungary. — A selection of 100 gram gold bars arranged at bullion dealer in Budapest, Hungary.
Photographer: Akos Stiller/Bloomberg

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By Yvonne Yue Li

March 9, 2026 at 10:20 PM UTC

Updated on

March 10, 2026 at 9:06 PM UTC

Gold pared gains as the dollar recouped some losses, with conflicting news about the war in the Middle East whipsawing oil prices and obscuring the outlook for US interest-rate cuts.

Oil and the greenback trimmed declines as the White House said the US hasn’t escorted an oil tanker through the Strait of Hormuz — a key conduit for energy shipments — contradicting a since-deleted social media post by Energy Secretary Chris Wright.