March 31, 2026

Market Overview 25-03-2026 to 31-03-2026

Precious metals market – price consolidation

Last week, the main precious metals experienced a period of price consolidation. The stabilization of prices was partly driven by rapidly changing monetary policies of central banks, prolonged geopolitical crises, and market concerns about the increasingly expected period of rising prices and high inflation.

The global gold price increased by more than 0.8% from March 25 to March 31, reaching 4,560 USD per troy ounce. The average gold price in March stands at 4,891 USD per troy ounce.

Although gold prices have recently shown temporary stabilization, the more noticeable decline in March is linked to several factors. One of them is the prolonged US–Israel–Iran conflict. As the conflict enters its fifth week, mutual strikes targeting various infrastructure facilities continue. Donald Trump has threatened to destroy Iran’s energy infrastructure if a ceasefire is not reached soon.

The tense situation in the Middle East has triggered a record rise in oil prices and fuelled justified speculation that a period of higher inflation and rising product prices may soon follow. Such forecasts increase investor uncertainty. On the one hand, gold, silver, and other precious metals tend to become more attractive investment choices during crises. On the other hand, increasingly vocal discussions in the US about halting interest rate cuts negatively affect the attractiveness of dollar-denominated precious metals for holders of foreign currencies.

The global silver price recorded relatively minor changes from March 25 to March 31. On March 31, the price reached 71.98 USD per troy ounce. The average silver price in March stands at 79.17 USD per troy ounce.

Silver corrections in March were also driven by uncertainty regarding the upcoming period of higher inflation and the likely start of interest rate hikes. Due to the surge in oil prices and supply chain disruptions in the Middle East, central banks across various countries are openly preparing for potential rate increases. Signals of a return to higher interest rates can be observed in Norway, Japan, the United Kingdom, and other markets. As the Federal Reserve signals a possible end to rate cuts, discussions about potential rate increases by the European Central Bank are already emerging among the most influential ECB officials.

The global palladium price also recorded slight changes from March 25 to March 31. On March 31, the price reached 1,433 USD per troy ounce. The average palladium price in March stands at 1,567 USD per troy ounce.

Assessing the overall period from March 25 to March 31, the platinum market price remained almost unchanged. On March 31, it reached 1,915 USD per troy ounce. The average platinum price in March stands at 2,068 USD per troy ounce.

The global copper price declined by more than 0.8% from March 25 to March 31, reaching 12,185 USD per tonne.