Everbright Futures 0320 Gold Commentary: Inflation Concerns Resurface, Gold Continues to Plunge

MaticHoleFiller · 2026-03-25T14:32:54+00:00

Overnight precious metals markets declined significantly, with both spot gold and futures falling as U.S.-Iran tensions and rising oil prices sparked inflation concerns in the market. The Federal Reserve and major central banks maintained interest rates unchanged, with global monetary policy and geopolitical situations set to dominate gold's trajectory. Investors are advised to adopt a wait-and-see approach in the near term or establish positions on dips.

MaticHoleFiller

2026-03-25 14:32:54

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Overnight markets saw a significant decline in precious metals again, with spot gold down 3.39%, COMEX gold futures down 4.99%, and SHFE gold down 4.99%. Due to escalating US-Iran conflicts and damage to some energy facilities in the Middle East, international oil prices surged again, reigniting inflation concerns. Coupled with hawkish comments from the Federal Reserve, overnight European, UK, and Japanese central banks held steady, expressing uncertainty about future inflation. The geopolitical tensions and delayed rate cut expectations from various central banks have become the straw that broke the camel’s back for gold. However, investors need not be overly pessimistic; with US inflation rapidly rising, real interest rates are expected to weaken. Short-term observation or buying on dips is recommended.

This week is a super week for central banks. Following the Federal Reserve’s policy meeting, European, UK, and Japanese central banks also held steady yesterday, and all expressed concerns about potential inflation driven by oil prices. The Bank of Japan maintained its policy rate at 0.75% for the second consecutive time. The governor stated that rising oil prices make policy decisions more complex and require close attention to their impact on inflation. The European Central Bank kept interest rates unchanged for the sixth consecutive time, warning that Middle East tensions could significantly impact inflation and urging governments to avoid excessive intervention during the energy crisis. The Bank of England removed the “rate cut” language, adopting a hawkish stance and emphasizing readiness to act against inflation. After the decision, UK bond yields surged sharply, and the pound strengthened in the short term. Overall, the direction of global monetary policy and geopolitical developments will dominate gold’s trend.

Written by: Li Qi

Professional Qualification: F3046227

Trading Consultation Qualification: Z0016145

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