Silver Rises Over 120% YTD 
What Are Gold and Silver Prices Today?
Here’s what’s moving gold and silver prices today — and what to watch heading into Wednesday.
Gold retreated Monday, briefly dipping below the psychologically significant $5,000 mark. The move was driven by a stronger U.S. dollar and fading expectations for Federal Reserve rate cuts. Silver followed, sliding nearly 1% on the day. Both metals remain well below their January highs.
The tension is real: war-driven inflation should support gold, but a resilient dollar is pulling in the opposite direction. Until that tug-of-war resolves, expect choppiness.
Oil Pulls Back, Stocks Rally — But Relief May Be Short-Lived
Oil pulled back Monday, dropping roughly 3% to around $95 a barrel after touching $102 earlier in the session. The S&P 500 jumped 1% — its best day in five weeks. But this pattern has repeated itself since the Iran war began. Relief rallies arrive, then reverse.
The reason is simple: the Strait of Hormuz remains effectively closed, and nothing has changed on the ground to justify a sustained decline in crude.
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Why Aren’t Gas Prices Falling With Oil?
Oil may be volatile, but gas prices have moved in only one direction: up. The national average hit $3.72 a gallon — nearly 80 cents higher than a month ago. Crude spiked to nearly $120 a barrel early in the conflict before retreating.
But at $95, it’s still roughly 35% above pre-war levels. There’s another wrinkle: summer gasoline blends are starting to roll out, and they cost more to produce. Relief at the pump isn’t coming soon.
What Does the Fed’s March Meeting Mean for Gold?
The Federal Reserve begins its two-day meeting tomorrow. A rate hold Wednesday is all but certain — the real story is the dot plot. It will show where policymakers see inflation and rates heading through the rest of 2026. Before the Iran war, markets expected at least one cut this year.
Now, with oil-driven inflation rising and GDP growth already weak, some analysts aren’t ruling out hikes. That’s the stagflation setup: slowing growth, sticky prices, a Fed with nowhere comfortable to turn. Historically, it’s one of the most favorable environments precious metals have ever seen.
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