Gold and Silver Prices Today — Both Metals Crash Hard as Hot Inflation Data and Iran War Hammer Markets
Gold and silver are deep in the red on Thursday, March 19, 2026. Gold has plunged more than $300 per ounce from Wednesday's levels, while silver is sliding sharply for the second consecutive session. A hotter-than-expected wholesale inflation report combined with escalating geopolitical pressure from the U.S.-Iran war has created one of the most brutal 48-hour selloffs in precious metals markets this year — even as the year-over-year gains for both metals remain extraordinary.
Gold Price Today — $4,551 Per Ounce, Down $310 From Yesterday
As of 8:45 a.m. ET today, gold was priced at $4,551 per ounce — a $310 fall from yesterday at the same hour, though still an increase of $1,507 compared to one year ago.
On Wednesday, March 18, gold spot price was trading at $4,861.64 per ounce before the selloff accelerated. The daily decline represented a 2.97% drop — one of the sharpest single-day moves in months for the yellow metal. Despite today's crash, gold remains up dramatically year over year, having crossed multiple all-time highs on its climb toward the $5,000 mark.
Silver Price Today — $66.93 Per Ounce, Down Sharply Overnight
At 9 a.m. ET today, silver cost $66.93 per ounce — a $10.84 drop from yesterday's price, though still representing more than a $33 increase compared with last year.
On Wednesday morning, silver was trading at $77.77 per ounce before the collapse. That represented a $3.13 same-hour drop from Tuesday — meaning silver has now lost nearly $11 per ounce in 24 hours of combined selling pressure, a 3.86% single-day decline.
Why Is Gold Going Down — Three Forces Driving the Selloff
Precious metals are under severe pressure as a hotter-than-expected wholesale inflation report collides with an escalating Middle East war. The Producer Price Index surged 0.7% in February — more than double the 0.3% consensus — with the year-over-year rate accelerating sharply. Economists now estimate that core PCE inflation, the Fed's preferred gauge, will have risen 0.4% for the third consecutive month in February.
The hot PPI print killed rate-cut expectations instantly. When the Fed cannot cut rates — because inflation is still running too hot — the dollar strengthens and gold becomes relatively less attractive to hold. The selloff reflects that mechanical reaction in real time.
Gold's selloff today reflects the mechanical reaction to a stronger dollar and evaporating rate-cut bets, but the medium-term case for physical metal as an inflation hedge has paradoxically strengthened. The Fed is boxed — it cannot cut into accelerating inflation, but holding rates elevated while a war economy develops risks a stagflationary episode.
Gold and Silver Price Snapshot — March 19, 2026
| Metal | Price Per Oz | Change (Daily) | Change (1 Year) |
|---|---|---|---|
| Gold | $4,551 | -$310 (-6.4%) | +$1,507 |
| Silver | $66.93 | -$10.84 (-14%) | +$33+ |
Iran War and the PPI — A Double Blow to Precious Metals
Market sentiment heading into today was already fragile, with investors cautious amid ongoing Middle East tensions and awaiting the U.S. Federal Reserve's policy announcement. Expectations heading in were that interest rates would remain unchanged in the 3.5%–3.75% range — but the hot PPI print complicated that picture further, reducing the likelihood of any near-term dovish pivot.
The Iran war, counterintuitively, has not provided the safe-haven boost gold typically sees during geopolitical crises. War spending raises deficit fears, lifts the dollar, and delays rate cuts — all three of which weigh on gold simultaneously.
Silver's Bigger Drop Explained — Industrial Demand Is the Difference
Silver's price swings are more pronounced than gold's because of its industrial applications — in gadgets, healthcare tools, solar equipment, and beyond — whereas gold is almost exclusively a safe-haven asset.
The price of silver is up dramatically from just $31 per ounce in January 2025 — a gain of more than 200% in roughly 14 months. So while today's drop is significant, investors who entered silver positions even six months ago are still sitting on extraordinary returns. The year-over-year story for both metals remains one of the most remarkable commodity runs in modern financial history — today's crash notwithstanding.
