Gold closed March 2026 with its steepest monthly loss in years. The precious metal shed more than 11%, ending an eight-month winning streak.
“March was the worst month for gold since 2008,” Economist Peter Schiff posted.
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US-Israeli strikes launched against Iran in late February closed the Strait of Hormuz, sending crude prices sharply higher. Instead of drawing safe-haven flows, bullion trended downwards. BeInCrypto reported that gold recorded its steepest weekly loss since 1983 this month.
According to Sprott Money, “much of this decline can be attributed to the misguided notion that higher energy prices will lead to Federal Reserve rate hikes in the months ahead,” calling it lunacy.
Analysts Spot a Gold Bottom as April Begins
Despite the decline, gold prices have already begun to recover. On April 1, the metal rose above $4,700 in early Asian trading hours.
Schiff identified the March 23 low as a likely bottom, arguing April could become gold’s strongest month since 1980. Sprott Money also suggested that gold prices will move higher again, as “we may have hit Peak Lunacy late last week.”
In addition, the Kobeissi Letter flagged that 95% of stocks in the VanEck Gold Miners ETF (GDX) are in a bear-market territory.
“This has surged +850% over the last 4 weeks as gold miners have dropped -25% over this period, entering a bear market for the first time since 2023,” the post read.
A comparable signal last appeared in late 2023, preceding a multi-year rally exceeding 346%. Thus, while the outlook appears largely positive, geopolitical and macroeconomic conditions remain key factors to watch.
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