In early trading on March 23, spot silver climbed more than 2%, reaching a high of $69,599 per ounce, while spot gold rose nearly 1% at its peak.

According to an analysis, international gold prices first exceeded $5,000 per ounce in January this year but have since fallen below $4,500. Experts point out that fluctuations in energy prices have prompted central banks worldwide to adjust policy interest rates in response to inflation concerns. Last year, the Federal Reserve cut rates three consecutive times, driving a sharp increase in gold prices. Currently, market expectations suggest the Fed will maintain interest rates in the coming months, which could push bond yields higher and increase the opportunity cost of holding gold.

Another analysis indicates that the significant drop in gold prices in March 2026 was primarily due to geopolitical tensions fueling inflation expectations and monetary tightening, profit-taking by investors after a rally, and liquidity concerns triggered by stock market volatility leading to forced selling of gold.

It is further noted that during crises, gold serves mainly as a means of liquidity. With central bank purchases driving up prices, speculative trading has increasingly given gold characteristics of a risk asset. Over the long term, persistent geopolitical risks, strong gold-buying interest from non-U.S. central banks, and a potential shift in the global economy from inflation to stagnation are expected to support gold prices.