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Gold Jul '25 (GCN25)

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[[ timeframe ]] futures price quotes as of Fri, Mar 20th, 2026.
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Gold Futures Market News and Commentary

Dollar Gains on Concerns Over a Lengthy War in Iran

The dollar index (DXY00) on Friday rose by +0.42%.  The dollar moved higher on Friday as weakness in stocks boosted some liquidity demand for the dollar.  Also, the ongoing war in Iran has boosted demand for the dollar as a safe haven.  In addition, higher T-note yields on Friday strengthened the dollar’s interest rate differentials.  The dollar also has carryover support from Wednesday, when Fed Chair Powell said there will be no Fed rate cut unless there is progress on inflation. 

Swaps markets are discounting the odds at 12% for a +25 bp rate hike at the April 28-29 FOMC meeting.

The dollar continues to be undercut by a poor outlook for interest rate differentials, with the FOMC expected to cut interest rates by at least -25 bp in 2026, while the BOJ and ECB are expected to raise rates by at least +25 bp in 2026. 

EUR/USD (^EURUSD) on Friday fell by -0.31%.  The euro was under pressure on Friday from a stronger dollar.  Also, Friday’s news that showed German Feb... Read more

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