Gold prices and mining stocks erase gains for 2026 as interest rate cut expectations fade amid escalating Iran war

As the war in Iran causes oil prices to soar, traders have significantly lowered their expectations for interest rate cuts, leading to a sharp decline in global gold mining stocks, which have turned negative for the year to date. On March 19, the NYSE Arca Gold Miners Index fell by 6.6%, marking its lowest closing level since December 2025. This index includes companies from the United States, Canada, the United Kingdom, and Australia, and has dropped approximately 1.9% year-to-date in 2026. On March 2, the first trading day following the attacks by the United States and Israel on Iran and Iran's retaliation, the index had surged by as much as 35%