Spot Gold Tops USD4,500 as Middle East Crisis Continues

RunWithRugs · 2026-03-28T19:03:18+00:00

Spot gold surged above $4,500 per ounce as investors sought safety amid ongoing Middle East conflicts. Despite a 3.75% increase, gold remains down 12% since late February, facing historic volatility in commodity markets.

RunWithRugs

2026-03-28 19:03:18

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(MENAFN) Spot gold clawed back ground Friday, punching above the $4,500-per-ounce threshold as investors sought refuge amid the ongoing Middle East conflict that has roiled global markets since late February.

The precious metal was changing hands at $4,540 per ounce as of 1530 GMT, marking a sharp 3.75% single-day rebound — a notable turnaround for a commodity that has been battered since hostilities erupted on Feb. 28.

Despite Friday’s recovery, gold remains deeply in negative territory since the conflict began, having shed roughly 12% of its value and sitting well beneath its historic January 2026 peak of $5,595 per ounce — a record that now appears a distant benchmark amid sustained selling pressure.

The scale of last week’s losses underscored just how severe the market turbulence has been: gold posted its steepest weekly decline since 1983, hemorrhaging more than 10% in a single five-day stretch.

Silver mirrored gold’s Friday rebound, surging over 4.6% to reach $71.2 per ounce — signaling a broader recovery across precious metals as traders recalibrated their positions.

Analysts warn that volatility across commodity markets is likely to persist as the Middle East crisis remains unresolved.

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