Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated March 3, 2026

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

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Market Movers

Precious Metals

Gold climbed to its highest level in a month as investors sought safety following weekend news the U.S. ordered military airstrikes on Iran. War quickly escalated throughout the Middle East as U.S. airstrikes killed the Islamic Republic’s supreme leader Ayatollah Ali Khamenei. Tehran retaliated with hundreds of missiles and drone strikes in countries across the Mideast. Scores have been killed including three U.S. troops so far.

Crude oil spiked higher, climbing to its highest level in four years, as the military operations threaten the Mideast’s oil producing region. Shipping action slowed sharply in the Strait of Hormuz, where about one fifth of the word’s oil and gas must travel.

Investors sold stocks and bought gold and the Swiss franc in a safe-haven strategy, on concerns a prolonged military conflict could unfold in the region. Investors are turning to the safety of tangible assets as geopolitics and military conflicts heat up to their highest levels in decades. There are active war zones in Russia-Ukraine, the Israeli conflict in Gaza and now a quickly widening war across the Mideast.

Key Takeaway:

Spot gold is up over 23% since the start of 2026 and the trend points higher. Gold is set to benefit from ongoing geopolitical instability, risk-off appetite, and inflation concerns from soaring crude oil. Escalation in the Middle East remains a key risk to watch and investors are best positioned to protect and grow their wealth with a diversified portfolio that includes exposure to physical gold.

Economic Update

January producer price index jumped more than expected. The core rate rose 0.8%. For the full year, core PPI inflation accelerated at a 3.6% pace.
The national average price of gasoline climbed 5.6 cents per gallon in the last week, averaging $2.94/g on March 2, GasBuddy said. The national average is up 7.8 cents per gallon from a month ago.
February Consumer Confidence Index inched up by 2.2 points to 91.2, the Conference Board said.

Key Takeaway:

Inflation remains high. If the Mideast conflict results in crude oil supply outages, or an extended closure of the Strait of Hormuz, it could push crude oil over $100/barrel. That could lead to higher energy prices, higher inflation, economic stagflation and heightened stock market volatility. Gold remains a critical portfolio diversifier in today’s fast changing and uncertain world.