Gold Is On Track For Its Worst Month Since 2008

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Gold is on track to post its biggest monthly decline since the 2008 financial crisis.

The precious metal is currently trading at $4,570.00 U.S. per ounce, having declined 15% in March and nearly 20% from an all-time high of $5,589 U.S. per ounce reached in January. 

Gold (TVC: $GOLD) has been hit hard over the last month by the ongoing war in Iran, as well as expectations that a sharp rise in inflation will lead central banks to raise interest rates. 

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As a non-yielding asset, gold tends to perform best when interest rates are low. 

Spot gold’s price is on track for its biggest monthly decline since the financial crisis occurred in October 2008, when its price dropped 16.8%.

Gold’s price has also been knocked lower in recent weeks by a sharp rise in the U.S. dollar, which remains the world’s reserve currency.  

The March decline is a big reversal for gold, whose price rose more than 60% in 2025 as investors and central banks flooded into the safe haven asset amid geopolitical uncertainty. 

However, many Wall Street analysts remain bullish on gold’s prospects and still see the price rising back above $5,500 U.S. this year. 

But some analysts warn that gold’s trajectory will ultimately depend on the direction of interest rates in coming months.