On March 18, international gold prices maintained volatility near the 5,000-US-dollar-per-ounce mark, showing a slight upward trend overall, while other precious metals such as silver experienced significant declines, putting the entire precious metals sector under pressure. By the end of the day, COMEX gold futures rose 0.18% to 5,011.30 US dollars per ounce; COMEX silver futures fell 1.51% to 79.46 US dollars per ounce.

The short-term high level of gold prices is mainly due to safe-haven demand driven by geopolitical risks. With the escalating situation in the Middle East, investors are still allocating gold assets to avoid potential risks. At the same time, the market’s expectation that the Federal Reserve will keep interest rates unchanged has heated up, and the US dollar index fell slightly by 0.25% to 99.56, which supported gold prices to a certain extent.

However, other precious metals performed weakly. Silver futures on the New York Mercantile Exchange fell below the 79-US-dollar-per-ounce mark, dropping 2.09% intraday, while spot silver also fell 2.13%. Market analysts pointed out that there is a divergence within the precious metals sector, with the core reason being the shift in trading logic: Gold, with its scarcity and safe-haven attributes, remains popular among investors; while industrial precious metals such as silver have seen obvious price drops due to uncertain economic prospects and cooling demand expectations.

A recent report by Morgan Stanley predicted that gold prices are expected to rise to 4,800 US dollars per ounce in the fourth quarter of 2026, and gold still has upward momentum in the long run. However, in the short term, with the gradual digestion of the market’s expectations for the Federal Reserve’s policy and possible changes in geopolitical situations, gold prices may face volatility risks, and investors need to be cautious.