Gold Prices Tumble in Biggest Fall Since 2013: WGC

SEATTLE (Scrap Monster): Gold prices recorded their steepest monthly decline in over a decade in March 2026, according to the World Gold Council, as deleveraging and liquidity pressures outweighed supportive macroeconomic fundamentals. Gold fell 12% to US$4,608 per ounce during the month, marking its weakest performance since June 2013, despite ongoing geopolitical tensions and inflation concerns.

The downturn was largely driven by momentum factors, including significant outflows from global gold exchange-traded funds (ETFs), unwinding of net long positions on COMEX, and a reversal in price trends. Global gold ETFs saw outflows of approximately US$12 billion, led primarily by North America, while Asia provided some support through dip-buying activity.

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Additionally, hedge funds and commodity trading advisors accelerated selling as prices broke key technical levels, amplifying downside pressure. Rising US yields and a stronger dollar also contributed, though to a lesser extent.

The report highlighted that Middle East disruptions had minimal impact on global gold pricing, with local demand effects failing to influence broader markets.

Looking ahead, early signs of stabilisation have emerged, including renewed ETF inflows and softer dollar momentum. However, short-term risks such as continued deleveraging and potential central bank gold mobilisation remain key concerns.