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Gold and silver are selling off sharply on March 19 amid growing concerns about inflation and a pause in interest rate cuts as a result.

Gold was down 5% and silver 10% lower as fears about the Iran war and inflation grip financial markets.

Gold's price is now just below $4,600 U.S. an ounce, while silver's price has dropped below $70 U.S. as hopes dim for interest rate cuts this year.

Central banks in the U.S., England and Canada left their interest rates unchanged and signalled that further cuts are unlikely in the near-term as inflation rises along with crude oil prices.

Prices for oil and gas continue to spike as war rages in the Middle East and Iran targets energy infrastructure across the region. Brent crude oil was as high as $119 U.S. a barrel on the day.

Along with gold and silver prices, the stocks of precious metal miners are also sinking. The ProShares Ultra Silver ETF fell 20% ahead of U.S. markets opening on March 19.

Stocks of miners such as Teck Resources (NYSE: $TECK ) and First Majestic Silver (NYSE: $AG ) are down as much as 10% in early trading as metal prices decline.

The U.S. Federal Reserve is now signalling only one interest rate cut in 2026, likely not until December.

As non-yielding assets, gold and silver prices tend to get a boost from lower interest rates.

The sharp downturn in the precious metals comes after gold and silver each enjoyed record-setting rallies in 2025, surging 66% and 135%, respectively.