Weekly Precious Metals Roundup — March 3-9, 2026
Hunter Rhodes | March 9, 2026 | Atlanta Gold & Coin
Gold, silver, and oil prices as of March 9, 2026. All three metals continue to be shaped by the ongoing Iran conflict.
It’s been one of the most volatile weeks in recent memory for precious metals — and for global markets in general. The U.S.-Iran war entered its second week with no signs of de-escalation, oil blew through the $100 per barrel mark for the first time since 2022, and gold has been consolidating in the $5,100 range after spiking above $5,400 earlier in the conflict. Here’s everything you need to know.
Spot Prices at a Glance (March 9)
$5,108
▲ +$28 today
$84.37
▲ +$0.70 today
$111+
▲ +20% weekly
Gold is up roughly $2,200 per ounce from this time last year — a gain of more than 75%. Silver has more than doubled from under $30 to the mid-$80s. These aren’t normal moves, and they’re being driven by a combination of forces that we’ve been writing about all year: central bank buying, inflation, dollar weakness, and now a full-scale military conflict in the Middle East.
Top Stories This Week
Iran’s Assembly of Experts selected Mojtaba Khamenei — the son of slain Supreme Leader Ayatollah Ali Khamenei — as the country’s new supreme leader early Monday. The U.S. and Israel continue large-scale strikes on Tehran and other targets, including oil storage depots and refining facilities for the first time. Iran’s foreign minister has rejected ceasefire calls. Seven U.S. service members have been killed since the conflict began on February 28. Trump has stated the military campaign will continue “as long as it takes” and demanded “unconditional surrender.”
Crude oil prices surged past $100 per barrel and hit $111 as the Strait of Hormuz remains effectively shut. Brent crude posted a 27% weekly gain — its biggest since the COVID-19 pandemic in 2020. Iran has stated it will target any U.S. or Israeli ships attempting passage. Goldman Sachs had already estimated an $18 per barrel risk premium before this latest escalation. Trump dismissed concerns, calling the oil spike “a very small price to pay” for ending Iran’s nuclear threat. The oil surge has massive implications for inflation, Fed policy, and by extension, precious metals prices.
Global equity markets are reeling. South Korea’s Kospi fell more than 8% on Monday — triggering its second circuit breaker in a week — marking its biggest weekly loss since March 2020. Japan’s Nikkei dropped nearly 7%. Australia’s ASX was down over 3%. U.S. futures were pointing to a 2%+ decline at Monday’s open. The risk-off rotation has pushed capital into gold, the U.S. dollar, and Treasuries. Wall Street’s key question now is whether the oil shock will be short-lived or turn into a sustained inflationary event.
After surging from $5,100 to above $5,400 in the first days of the conflict, gold has pulled back into the $5,100-$5,200 range. This is normal consolidation — the metal gained over $200 in a single session when the strikes were announced and is now digesting those gains while traders assess the duration and severity of the conflict. Analysts at TD Securities noted that gold “is set to benefit from geopolitical instability, less risk appetite and inflation concerns amid skyrocketing energy costs.” J.P. Morgan’s year-end target remains above $5,000, with potential for $5,500+ if hostilities intensify.
Silver has been on a rollercoaster, trading between $80 and $94 this week. The white metal experienced a dramatic 13% two-day collapse before rebounding. Silver’s dual identity — safe-haven monetary metal and industrial commodity — creates competing forces during wartime. The safe-haven bid pushes it higher, but fears about economic slowdown from an oil shock create selling pressure on the industrial side. At $84, silver remains up more than 150% year-over-year.
Chinese Foreign Minister Wang Yi called for an immediate halt to military operations, warning that the “flames of war” risk spreading. Switzerland’s defense minister stated the attack constitutes a violation of international law. Spain has denied the U.S. permission to use its military bases. Pope Leo XIV urged an end to the violence. The UN has declared the conflict a “major humanitarian emergency” affecting 25 million people. The geopolitical fragmentation — one of the key drivers behind central bank gold buying — is deepening by the day.
Before the Iran strikes, February was already a strong month for precious metals. Gold traded above $5,200 and silver was near $95 per ounce by month’s end. Silver was the best-performing metal in both February and year-to-date, outperforming even as it experienced the steepest corrections during the late January pullback. The U.S. Dollar Index remained roughly flat through the first two months of 2026, meaning the metal gains were genuine rather than driven by currency effects.
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What We’re Watching This Week
Key Dates — Week of March 9-13
Tuesday, March 11: U.S. Consumer Price Index (CPI) for February. This is the big one. If oil-driven inflation is already showing up in the numbers, expect gold to move higher as rate cut expectations get pushed further out. Higher inflation + geopolitical risk = textbook gold environment.
Wednesday, March 12: Initial Jobless Claims. The labor market data has been soft in recent months. Deteriorating employment combined with rising energy costs creates a stagflationary setup that has historically been very bullish for precious metals.
Thursday, March 13: U.S. GDP (Q4 2025, second estimate) and University of Michigan Consumer Sentiment. Consumer confidence has been rattled by the war, rising gas prices, and continued tariff uncertainty. A weak number here would add more fuel to the safe-haven trade.
Ongoing: Iran conflict developments. Any escalation — particularly further disruption to oil infrastructure or a ground invasion — could send gold to new highs. Any ceasefire signals could trigger short-term profit-taking, but the structural bull case remains intact regardless.
Our Take
The Iran war has added an entirely new layer of uncertainty to an already complex market. But as we’ve been saying all year — and as we wrote in detail in Is the Gold & Silver Bull Market Dead? — the precious metals bull market was well underway before the first bomb fell. Central banks were already buying at historic levels. Inflation was already persistent. The dollar was already weakening. The war simply accelerated a trend that was firmly in place.
If you’re holding gold or silver, the current consolidation around $5,100 and $84 respectively represents a period of digestion after a massive war-driven spike. We don’t think this is a top. The structural forces — which we laid out in 3 Reasons Why Gold & Silver May Reach $4,000 & $50 Sooner Than Later — have only gotten more powerful since those price targets were shattered.
If you’re looking to sell, the market is offering historically strong prices. If you’re looking to buy, premiums on many bullion products are still relatively tight — especially on items like silver buffalo rounds, which we’re currently offering at just $3 over spot. As we noted in Why 2025 is a Rare Buying Opportunity for Silver, windows like this tend to close fast when sentiment shifts. Once the next wave of buying demand hits — and given the current headlines, that could be any day — premiums will tighten and availability will become an issue.
For those trying to time the bottom, we’d point you to Why Waiting for Gold & Silver Prices to Bottom is the Wrong Approach. History tells us that the bigger risk isn’t buying a little too high — it’s waiting too long and missing the move entirely.
Stay safe, stay informed, and we’ll see you next week.
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