Gold and silver rates today: Gold prices were trading marginally lower on Thursday, March 12, while the silver rate today edged higher after the release of monthly US inflation data dampened expectations of interest rate cuts by the Federal Reserve, even as the conflict in the Middle East continues.
Spot gold rate today fell 0.39% to $5,159 per ounce, slipping below the $5,200 level. Meanwhile, spot silver was trading 0.12% higher at $85.65 per ounce during Asian trading hours on Thursday.
What’s driving gold and silver prices today?
Core US inflation remained subdued at the start of the year, before the conflict began. Still, rising forward-looking inflation concerns have lowered the chances of the Federal Reserve reducing borrowing costs.
The Federal Reserve is scheduled to hold its policy meeting later in March, where policymakers are widely expected to keep interest rates unchanged. Traders currently anticipate only one 25-basis-point rate cut, possibly around September.
Meanwhile, recent labor market data has unsettled investors, as the US economy unexpectedly lost jobs in February and the unemployment rate moved higher. Normally, weaker employment data would strengthen the case for interest rate cuts. However, expectations for easing have been complicated by surging oil prices amid escalating tensions in the Middle East.
US-Iran war enters 13th day
Now in its 13th day, the US-Israeli war with Iran continues to disrupt oil production and refining activities across the Middle East, intensifying volatility in global energy markets. Crude prices rose for a second straight session as fears of a prolonged conflict and supply disruptions outweighed the impact of the largest-ever coordinated emergency release of oil reserves by wealthy nations.
Meanwhile, US President Donald Trump signaled that the United States could also tap its Strategic Petroleum Reserve in an effort to help ease soaring energy prices.
In a further escalation of tensions, Iranian attacks on commercial vessels reportedly set a Thai cargo ship on fire in the Strait of Hormuz, while drones targeted Dubai International Airport, intensifying pressure on the oil-rich region and heightening global energy concerns.
Meanwhile, Iran’s joint military command said it would begin targeting banks and financial institutions across the Middle East, signaling that the regional conflict could escalate further.
The US has continued its airstrike campaign on Tehran, while Israeli forces are carrying out strikes across Iran as well as in Lebanon, where Israel says it is targeting the Iran-backed militant group Hezbollah.
Gold and silver prices outlook
Kaveri More, Commodity Analyst at Choice Broking, believes that gold prices remained under pressure despite elevated geopolitical tensions, as broader macroeconomic factors continued to outweigh safe-haven demand.
“Rising market uncertainty, reflected in an uptick in the CBOE Volatility Index, has encouraged investors to maintain higher cash positions rather than aggressively accumulate bullion. At the same time, a global equity sell-off triggered by surging oil prices and persistent Middle East tensions has added volatility across asset classes but failed to provide sustained support to gold. Expectations that the US Federal Reserve will keep interest rates unchanged have further limited momentum upside, as “Higher-for-longer rate expectations reduce the appeal of non-yielding assets like gold,” More said.
On the technical outlook of gold, Ponmudi R, CEO of Enrich Money, said that COMEX Gold is currently trading in the $5,000–$5,300 zone after recently surging to fresh all-time highs before entering a corrective consolidation phase. Despite the short-term pause, the broader bullish structure remains intact, supported by strong momentum and continued safe-haven demand.
“Strong buying interest is visible in the $5,000–$5,100 support band, which currently acts as a key base for the ongoing trend.
A decisive break below this band could trigger a deeper corrective move toward $4,900, while on the upside, a sustained breakout above the $5,400–$5,600 zone could open the path toward fresh record highs,” said Ponmudi.
On the silver prices outlook, he added that COMEX Silver is trading near the $80–$90 range after staging a strong recovery from recent lows. The broader bullish structure on higher timeframes remains intact, supported by improving momentum and renewed safe-haven demand.
“Prices have reclaimed key moving averages, signaling a transition from correction toward potential renewed strength. Strong buying interest is evident in the $76–$80 support zone. A sustained move above $90–$95 could reignite bullish momentum toward the $100–$110 zone, potentially retesting previous highs. The medium- to long-term outlook remains constructive despite short-term volatility,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
