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Gold and silver sell-off accelerates as inflation fears grip global markets
Gold and silver joined a broad sell-off on Thursday, with the metals shedding around 5% and 10%, respectively, as fears about the Iran war and inflation gripped global markets.
At 8:43 a.m. ET, spot gold was down 4.9% at just over $4,600 an ounce. Front-month gold futures were down 5.8% at $4,612.
Spot silver was 9.5% lower at $68.22 an ounce, while silver futures lost 12% to settle at $68.31.
Mining stocks and exchange-traded funds linked to gold and silver also fell in premarket trading. The ProShares Ultra Silver ETF shed 20% ahead of Thursday's opening bell, while the iShares Silver Trust ETF — which was at the center of a so-called meme trade earlier this year — was down almost 10%. Aberdeen's Physical Silver Shares ETF was down 9.9%.
Gold price today, Thursday, March 19: Gold moves lower following Fed decision
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Gold (GC=F) April futures opened at $4,828 per troy ounce on Thursday, down 1.4% from Wednesday’s closing price of $4,896.20. In early trading, the gold price fell below $4,700.
The Fed concluded its March policymaking meeting on Wednesday, leaving interest rates unchanged. The Fed’s latest Summary of Economic Projections (SEP) showed a median forecast of one rate reduction in 2026, unchanged from the December SEP. Federal Reserve Chair Jerome Powell confirmed that the oil supply shock caused by the Iran war could prompt higher inflation and, potentially, lower spending and employment. He also noted the conflict between an elevated inflation risk and a weak labor market. Typically, the Fed raises interest rates to combat inflation and lowers rates to stimulate jobs and spending.
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