March 24, 2026

Market Overview 18-03-2026 to 24-03-2026

Precious metals price collapse!

Last week, the global precious metals market experienced sharp price corrections. These were associated with the strengthening of the US dollar, diminishing expectations of Federal Reserve rate cuts, and highly contradictory news surrounding geopolitical crises.

From March 18 to March 24, the global gold price fell by more than 9.3% and reached USD 4,371 per troy ounce. The average gold price in March stands at USD 5,028 per troy ounce.

The strengthening US dollar has significantly contributed to the correction in gold prices. The world’s primary reserve currency has shown notable growth due to the threat of war in Iran and other geopolitical crises. Although this outcome is relatively favourable for the US economy, a strong dollar also makes dollar-denominated precious metals (gold, silver, etc.) less attractive to investors holding other currencies.

Another key factor behind the decline in gold prices is the Federal Reserve’s cautious interest rate policy. During the March meeting, Fed officials sent a clear signal — US interest rates are likely to remain at elevated levels as efforts to combat inflation continue. The current situation has contributed to rising US Treasury yields and encouraged a more cautious investor approach toward gold, silver, and other precious metals.

The global silver price declined by 8.3% from March 18 to March 24, reaching USD 69.12 per troy ounce. The average silver price in March stands at USD 82.53 per troy ounce.

The correction in silver prices was driven by the strengthening dollar, the aftermath of the Fed meeting, and uncertainty surrounding the US–Israel–Iran conflict. Although military actions in the Middle East continue, Donald Trump ordered a five-day pause on planned US strikes against Iranian energy infrastructure. The US president stated that “very good” talks on ending the war are underway, but this claim was quickly denied by the Iranian government.

Markets are also reacting to fluctuating news from the Strait of Hormuz. Last week, three oil tankers owned by Iran’s state shipping company safely passed through the key oil transport route in the Persian Gulf.

The global palladium price recorded a decline of approximately 3.6% from March 18 to March 24, reaching USD 1,431 per troy ounce. The average palladium price in March stands at USD 1,621 per troy ounce.

The global platinum price fell by more than 6.6% over the same period, reaching USD 1,890 per troy ounce. The average platinum price in March stands at USD 2,127 per troy ounce.

The global copper price declined by more than 2.5% from March 18 to March 24, reaching USD 12,029 per tonne.