Gold and Silver Prices Projected to Fall Further Despite Escalating Middle East Conflict

Hanau, Tuesday, 3 March 2026.
Despite the violent escalation in the Middle East—marked by U.S. strikes on Iran and the death of Supreme Leader Ali Khamenei pushing gold past a record $5,400 per ounce—analysts at Heraeus warn that precious metals have not yet reached their price floor. While geopolitical instability typically drives safe-haven assets higher, current market indicators suggest a continued correction is imminent before any stabilization. This trend is already visible, with silver retreating significantly even as oil prices surge. This bearish short-term outlook challenges aggressive forecasts predicting a rise to $6,000, presenting a complex scenario where market fundamentals are temporarily overriding the traditional “war premium.” Investors are advised to exercise caution as the sector navigates this volatility in early March 2026.