Gold Price Dips Under $5,000 Amid Elevated Oil Costs from Mideast Conflict

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Gold Plunges Below $5,000 as Mideast War Fuels Oil Prices, Dims Rate Cut Hopes

Bullion fell as much as 1% in early trading, following its second consecutive weekly drop.

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Moneycontrol•16-03-2026, 06:50

Gold Plunges Below $5,000 as Mideast War Fuels Oil Prices, Dims Rate Cut Hopes

•Gold slid below $5,000 an ounce, hitting $4,986.34, as the Middle East war entered its third week, driving up oil prices.
•Elevated oil prices and inflation concerns have significantly reduced expectations for US Federal Reserve interest rate cuts.
•Crude prices surged following US attacks on Iran's oil hub and Tehran's retaliatory strikes on Arab states' energy infrastructure.
•Uncertainty over the war's duration and mixed signals from leaders like Donald Trump add to market volatility.
•While higher borrowing costs typically hurt gold, potential stagflation could make it a long-term store of value.

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