Gold Tops $4,570 but Heads for Worst Monthly Drop Since 2008

2026-03-31 13:03 By Joana Ferreira 1 min. read

Gold climbed above $4,570 per ounce on Tuesday, finding support at lower price levels, but remained on course for its largest monthly decline in over 17 years.

The precious metal has plunged more than 13% in March, its steepest drop since October 2008, and sits nearly 19% below record highs set in late January.

The selloff reflects a massive shift in investor sentiment, as the escalating Middle East war has fueled inflation fears and prompted a hawkish monetary policy outlook.

With Iran effectively blocking the Strait of Hormuz, the conflict has driven oil prices higher, reinforcing expectations of tighter monetary policy.

Traders have completely priced out the prospect of US rate cuts in 2026, a stark reversal from pre-war expectations of two cuts, despite Fed Chair Jerome Powell’s insistence that long-term inflation expectations remain stable.

As a result, investors have fled to the US dollar as the preferred safe haven, exerting relentless pressure on gold.



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