Gold Price Correction Settles as Saudi Arabia Eyes Iran War 

🌆 Evening News Nuggets | Today’s top stories for gold and silver investors  
March 24^th, 2026 | Brandon Sauerwein, Editor 

Gold is posting its worst 5-day price correction since 2013 — even as the Iran war escalates, oil tops $103, and Saudi Arabia moves toward entering the conflict. Here’s what’s driving the selloff. 

Precious Metals Under Pressure: The Forces Behind the Selloff 

Gold is deep into its worst 5-day price correction since 2011, and investors keep asking the same question: why is the metal selling off during an active war? Prices are now trading around $4,400 — down sharply from an all-time high near $5,589 in late January — as three forces converge against it: a Federal Reserve that has turned hawkish, an Iran war stoking inflation rather than safe-haven flows, and a dollar winning the tug-of-war over global capital. 

Silver has fared even worse, extending a 10-day losing streak that has left it down more than 1% for the year after shedding more than 14% over three weeks. Despite the pain, J.P. Morgan is maintaining its year-end 2026 price target of $6,300 per ounce and Deutsche Bank stands behind $6,000 — neither bank has moved those targets. 

What Happened in 1971? The guide that explains the moment our financial system changed.

Saudi Arabia & UAE Edge Toward War 

The Iran conflict just got bigger. Saudi Arabia has agreed to give the U.S. military access to King Fahd Air Base — a reversal after previously saying its bases couldn’t be used to attack Iran. A source familiar with the decision said it is “only a matter of time” before Saudi Arabia formally enters the war. The UAE is moving too. The Emirates have begun shutting down Iranian-owned assets, including the Iranian Hospital and Iranian Club in Dubai.  

What does this mean for energy markets? More risk, not less. Both Saudi Arabia and the UAE depend heavily on energy shipping through the Strait of Hormuz — the same strait Iran has all but shut down. A broader Gulf coalition changes the scale of this conflict entirely. Oil jumped back above $103 a barrel Tuesday on the news, erasing much of Monday’s relief rally. 

The Hormuz chokepoint remains the pressure point for global energy prices — and by extension, for inflation, Fed policy, and gold. 

Trump’s Iran “Deal” — and Some Very Suspicious Trades 

Monday looked like a breakthrough. Trump posted on Truth Social that the U.S. and Iran had held “very good and productive conversations” — claiming Jared Kushner and envoy Steve Witkoff had spoken with “a top person” in Iran, and that Tehran “very much” wants a deal. Markets surged. The Dow jumped 631 points. S&P 500 futures had briefly gained more than 1,000 points before the open.  

By Tuesday, the rally was unraveling. Iran’s parliament speaker called Trump’s account “fakenews used to manipulate financial and oil markets,” and said no negotiations had taken place.  

There’s a harder question underneath all of this. Futures contracts corresponding to at least 6 million barrels of oil changed hands in the two minutes before Trump’s post — roughly eight times the average volume for that time window over the prior five trading days. Regulators haven’t commented. Markets have noticed. 

The five-day window Trump gave Iran expires Saturday. With Saudi Arabia now opening its air bases and Iran still publicly denying any talks, the diplomatic picture is murkier than Monday’s relief rally suggested. 

IEA: This Energy Shock Is Worse Than the 1970s 

The oil problem is the key to understanding this gold price correction. IEA Executive Director Fatih Birol said the world has now lost 11 million barrels of oil per day — more than the two major oil shocks of 1973 and 1979 combined. 

That’s not a rounding error. The 1970s energy crises triggered recessions, double-digit inflation, and years of economic pain. This disruption is more than twice as large by volume — and it’s happening in weeks, not years. 

That’s the bind driving gold lower right now. Vanguard’s global chief economist Joe Davis said rising oil prices represent “crosscurrents” the Fed didn’t plan for — pushing inflation higher and keeping rate cuts off the table. Gold pays no interest, so when the Fed can’t ease, the metal loses one of its biggest tailwinds. Davis said he’d only get concerned if oil breaches $150 a barrel and stays there. With Saudi Arabia potentially joining the fight, that level is no longer unthinkable. 

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