International Gold and Silver Prices Plummet; Gold's Annual Gains Wiped Out

LightningPacketLoss · 2026-03-24T03:29:28+00:00

International gold and silver futures prices fell sharply on the 23rd, with gold prices breaking below $4,200 per ounce and erasing year-to-date gains. Analysts point out that the escalation of Middle East conflicts and market concerns about inflation have weakened safe-haven demand for gold, putting downward pressure on future gold prices.

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2026-03-24 03:29:28

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Xinhua News Agency, Beijing, March 23 — On March 23, both the New York Mercantile Exchange gold futures prices and London spot gold prices fell below $4,200 per ounce during trading, erasing all gains for the year. Silver futures prices temporarily approached $61 per ounce.

International gold prices have declined significantly over the past two weeks. Compared to the intraday record high on January 29, the price has fallen by more than $1,400 per ounce.

Analysts believe that ongoing conflicts in the U.S., Israel, and Iran have heightened market concerns about inflation. With expectations of interest rate cuts weakening and liquidity tightening, gold, a traditional safe-haven asset, has not “shined” but instead shown signs of weakness.

According to The Wall Street Journal, disruptions in shipping through the Strait of Hormuz have severely impacted oil and gas exports from Middle Eastern oil-producing countries. Facing fiscal difficulties, these countries may shift from buyers to sellers of gold, increasing downward pressure on gold prices.

Martin Schultz, an investment analyst at Hermès Investment Management, stated that the duration of Middle Eastern conflicts is a key variable the market is watching. “The longer it drags on, the worse the situation obviously becomes.”

(Edited by Wen Jing)

Keywords: Gold Silver

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