Gold held steady near its 50-day moving average on March 18, 2026, as traders awaited Federal Reserve Chair Jerome Powell's press conference following an expected interest-rate hold at 3.5%-3.75%. The precious metal faced competing pressures: geopolitical tensions in the Middle East and an escalating U.S.-Iran conflict since February 28 supported gold as an inflation hedge, while elevated interest rates and delayed expectations for rate cuts—now potentially pushed to October or December—capped upside. Powell's forward guidance on rate-cut timing was expected to determine gold's next directional move.
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