Gold prices showed volatility on Thursday, March 5, 2026, as the precious metal experienced a modest pullback amid a firmer US dollar and profit-taking following recent sharp swings, even as geopolitical tensions in the Middle East continued to provide underlying support.
As of late trading (around 5-6 PM ET), spot gold was trading in the range of $5,080 to $5,115 per troy ounce, down approximately 0.7-1.4% from the prior session’s close in various reports.
Futures for April delivery opened higher near $5,155-$5,170 but retreated as the day progressed, reflecting a consolidation phase after earlier highs. Some sources noted intraday lows dipping toward $5,050-$5,066, with the metal erasing much of the previous session’s momentum.
The broader trend remains firmly bullish. Gold has posted extraordinary gains year-to-date, climbing roughly 74-77% compared to the same period in 2025, with all-time highs surpassing $5,600 earlier in the year.
Central bank buying remains a key driver, highlighted by Uganda’s announcement of plans to acquire at least 100 kilograms of physical gold between March and June 2026, adding to the wave of de-dollarization efforts among emerging-market institutions. Sustained ETF inflows and concerns over elevated sovereign debt levels further bolster the structural case.
Geopolitical factors, including the ongoing escalation in the US-Iran-Israel conflict, have kept safe-haven demand elevated, though a strengthening dollar and tempered expectations for near-term Federal Reserve rate cuts introduced countervailing pressure. Analysts point to potential oil supply disruptions and persistent regional instability as factors that could cap downside and fuel renewed rallies if tensions intensify.
Market participants are watching upcoming US economic data, Treasury yield movements, and any developments in Middle East diplomacy for near-term direction. While short-term corrections appear underway—driven by currency dynamics and position adjustments, the consensus leans toward continued upward bias in the medium term, supported by institutional demand and macroeconomic uncertainties.
Silver, often moving in tandem, traded lower alongside gold, down around 1-1.2% in the session.
