Gold's Pulse - April 2026
- 17 hours ago
- 2 min read
Performance - March 2026
As of the end of March, gold's accrued performance was:
1-Month: | - 11.8% |
Year-to-Date: | + 7.9% |
6-Months: | + 21% |
1-Year: | + 49% |
5 Years: | + 170% |
Gold Price - March 2026
(Prices per ounce)
Start: | US $5,293 |
End: | US $4,668 |
Lowest: | US $4,136 (Mar-23) |
Highest: | US $5,419 (Mar-2) |
Monthly Loss: | - US $625 |
Highlights - March 2026
MARCH 2026 GOLD SPOT PRICE
(US DOLLARS PER OUNCE)
In March 2026, gold experienced its biggest monthly decline in over a decade, falling approximately 11.8% over the course of the month, its worst monthly performance since 2008. After reaching an all-time record high of US $5,419 per ounce (Mar-2), prices sharply corrected as the market responded to a "perfect storm" in the global economy:
The Conflict and Inflation Shock: While geopolitical tensions typically drive gold demand as a safe-haven, the closure of the Strait of Hormuz triggered by the U.S.–Iran conflict caused oil prices to jump to over $100 a barrel. This massive energy cost acted as an "inflation shock," shifting the market's focus from seeking safety to worrying about the rising cost of living.
The "Yield Gap" and a Stronger Dollar: High energy costs led investors to believe the U.S. Federal Reserve would keep interest rates higher for longer. This pushed U.S. Treasury yields to new highs, making bonds more attractive than gold (which pays no interest). At the same time, the U.S. Dollar became much stronger, making gold further expensive for anyone using other currencies.
Forced Selling for Liquidity: As global markets became volatile, both large investment funds and certain nations like Turkey began selling gold to raise fast cash. Investors sold an estimated $11 billion in gold to cover losses in the crashing stock market, while some central banks dipped into their reserves to protect their local currencies or fund emergency defense costs.
By late March, the gold price had fell as low as US $4,136 per ounce (Mar-23), marking a significant pullback from its earlier peaks. Despite heavy selling, the gold market stabilized at the end of March with prices recovering to US $4,668 per ounce. This significant rebound indicated a cooling in the initial dash for cash, though investor caution persisted regarding the long-term economic impacts of the energy crisis.
In the News
The Iran war has triggered a puzzling market trend - RT
Turkey’s gold sales deepen bullion slump - Financial Times
Reasons to be bullish on gold- Financial Times
Quote of the Month
“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin.”
Ernest Hemingway
Nobel Prize-winning American novelist and journalist
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