Gold Rebounds from Lows as Trump Delays Iran Strike; Oil Prices Tumble

DUBAI, Mar 23: Gold recovered part of its earlier losses on Monday after Donald Trump said he would delay potential strikes on Iranian power plants and energy infrastructure, easing immediate geopolitical concerns.

Spot gold was down 2.2% at $4,388.22 per ounce as of 12:30 GMT, marking its ninth consecutive session of declines. Earlier in the session, bullion had dropped as much as 8%, hitting a four-month low before paring losses.

Market sentiment improved slightly as bargain hunting emerged at lower price levels. Independent analyst Ross Norman noted that investors were stepping in to capitalize on the sharp correction, helping prices recover closer to last week’s closing levels. He added that broader macroeconomic positioning appears to be influencing the market’s direction.

Meanwhile, oil prices came under heavy pressure, falling more than 13% after Trump decided to postpone strikes on Iranian energy infrastructure, reducing fears of immediate supply disruptions.

The developments highlight the sensitivity of global commodity markets to geopolitical signals, particularly amid ongoing tensions in the Middle East.