Commodities

Gold Pares Dramatic Losses as Trump Backs Off From Iran Threat

Gold products on display for sale at a trading market near the Shuibei Gold Trading Center in Shenzhen, China.
Photographer: Qilai Shen/Bloomberg

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By Jack Ryan, Yihui Xie, and Yvonne Yue Li

March 22, 2026 at 10:24 PM UTC

Updated on

March 23, 2026 at 8:31 PM UTC

Gold pared dramatic losses as US President Donald Trump postponed military strikes against Iranian energy infrastructure for a five-day period after what he described as productive talks toward ending hostilities.

Spot gold briefly traded higher before slipping about 2% as Iran denied the discussions. Silver rebounded, erasing losses of more than 10%. US stocks rose while Treasury yields and the dollar retreated. Traders reduced bets on Federal Reserve tightening, pricing in some easing.