On March 18, it was reported that Iran had indicated it would retaliate for attacks on its energy facilities, making the oil facilities of three Middle Eastern countries legitimate targets. As a result, oil prices surged, while gold and silver faced pressure. Spot gold fell by over 3% on Wednesday, hitting its lowest level in more than a month; spot silver dropped by over 4%, reaching a new low for the month; Brent crude oil briefly surpassed $105 per barrel. David Meger, the director of metals trading at High Ridge Futures, stated that the rise in energy prices due to the escalating war has added fuel to inflation, making it unlikely for the Federal Reserve to cut interest rates, which continues to pressure gold prices. There is no lack of safe-haven demand; rather, other pressures have overshadowed this demand for gold. The conflict in Iran has lasted nearly three weeks with little sign of easing, keeping benchmark Brent crude oil futures above $100 per barrel. As energy costs rise and impact broader economic sectors, this could further exacerbate inflation.