On Monday (March 30) in early Asian trading, the US dollar index continued its upward trend, rising as much as 0.17% to 100.33, a new high since March 16 and marking its fifth consecutive day of gains. Spot gold rose and then fell back, initially reaching $4514.42 per ounce before retreating to around $4450 per ounce, a drop of nearly 1%. Although safe-haven buying provided some support for gold prices, the escalating conflict in the Middle East and the continued rise in international oil prices, with US crude oil jumping more than 3% to a three-week high of $103.38 per barrel, exacerbated inflation concerns and dampened expectations of a Federal Reserve rate cut. The continued rise in the US dollar index put downward pressure on gold prices.
Meanwhile, US military actions have also escalated. Washington has deployed two batches of thousands of Marines to the Middle East, with the first batch arriving around March 28 aboard amphibious assault ships. The Pentagon also plans to deploy thousands of soldiers from the 82nd Airborne Division. Reports indicate that US officials are preparing for a potential weeks-long ground operation in Iran, although final approval rests with President Trump. Tehran has responded in kind, with a spokesperson for the Iranian Armed Forces' Hatam Anbia Central Headquarters announcing that the residences of US and Israeli military commanders and political officials would be legitimate targets. On the evening of March 29, Tehran, the Iranian capital, was subjected to two large-scale airstrikes within a short period, damaging some power transmission facilities and causing temporary power outages in several areas. The Israeli military stated that this action was aimed at further disrupting Iran's weapons production capabilities. The conflict remains intense and protracted, with no signs of de-escalation in the short term.
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