March 2026: why did gold fall in the ace of rising global tensions?
02. 04. 2026In March, there was an unexpected turn in the markets. Many investors expected gold to rise – particularly amid global tensions and higher energy prices. Instead, the opposite happened.
Gold prices in numbers
The price of gold in US dollars fell by around 12% during March. Even so, it remains slightly up since the start of the year and has risen strongly over the past 12 months.
For long-term investors, the current dip may be an attractive buying opportunity – especially as analysts expect further growth.
−12,30%
March 2026+7,73%
Year to date+49,42%
Year on year
What happened?
This time, gold prices were driven more by interest rates and the US dollar than by geopolitics.
- Interest rates remained higher for longer than expected.
- The US dollar strengthened.
- Investors cashed in on gold.
Put simply: when returns on other investments (such as bonds) rise, gold becomes less attractive in the short term.
Silver fell even more. Why?
Silver saw an even sharper decline (by more than 21%) in March.
Unlike gold, it is more closely tied to the economy and industry. Concerns about an economic slowdown weighed on it, as weaker growth expectations reduce demand for silver.
A useful indicator: the gold-to-silver ratio
The gold-to-silver ratio shows how many ounces of silver are needed to buy one ounce of gold.
- Currently: 56
- Long-term average: 65–75
What does this mean?
Silver is not particularly cheap right now, but compared to gold it still has room to grow.
What should investors make of this?
✔ Short-term fluctuations are natural – even for gold.
✔ What matters more are long-term trends, which remain on an upward trajectory.
✔ Saving regularly helps to smooth out price swings.
✔ Dips may be opportunities to buy at more favourable prices.
Want to know more?
Take a look at our other analyses or contact our customer line on +420 568 408 088.
