Gold futures on the COMEX fell on March 12, with the most active contract for April 2026 dropping $95.0 to settle at $5,084.1 per ounce, a decline of 1.83%.

The decrease in gold and silver prices was driven by a stronger U.S. dollar index and rising U.S. Treasury yields, as market participants grew concerned that persistent global inflation could weaken economic prospects and reduce demand for metals.

Data released by the U.S. Labor Department on March 12 showed that seasonally adjusted initial jobless claims came in at 213,000 for the week ended March 7, below market expectations of 215,000. The previous week's figure was revised upward from 213,000 to 214,000.

In a detailed report issued on March 12, the World Gold Council (WGC) noted that gold mining production reached a record high in 2025 as prices climbed to historic levels. The report projected that gold output would continue to grow at a moderate pace in 2026, supported by the resumed operation of two major mines.

Meanwhile, the silver contract for May delivery fell $1.580 to settle at $83.955 per ounce, down 1.85%.