What happened?

Gold has seen sharp swings in recent weeks. Gold prices hit a record high of US$5,417 per ounce on 3 March 2026 after geopolitical tensions in the Middle East escalated, before falling below US$4,500 by the end of the month in its steepest weekly decline in decades.  As of 23 March, spot gold is trading around US$4,410, down more than 20% from its recent peak and having erased all its year-to-date gains. The pullback came as several factors turned less supportive for gold, including rising oil prices and higher inflation expectations with the Middle East conflict, and lower expectations of interest rate cuts by the US Federal Reserve. In our previous update, we discussed what could happen after gold’s rally paused. Since then, the outlook has become more uncertain, and many in the Beansprout community have asked whether this marks the end of the bull run, or a...