04.04.2026 10:31
Due to the impact of the US/Israel-Iran war, gold fell by 11.3% in March, experiencing its sharpest loss since 2008, while oil prices remained high.
As the impact of the US-Israel-Iran war on global markets deepens, there have been sharp fluctuations in asset prices. With the first month of the war behind us, increasing geopolitical risks, energy costs, and inflation pressures have determined the direction of the markets.
The rise in energy prices triggering inflation and expectations that the US Federal Reserve (Fed) may adopt a tighter monetary policy have increased investors' risk perception. During this process, the strengthening dollar, rising bond yields, and increasing liquidity needs have put pressure on gold prices.
HISTORIC DECLINE IN GOLD
The price of gold per ounce fell by 11.3% in March, marking the sharpest monthly decline since the 2008 Global Financial Crisis. The price of gold dropped to as low as $4,099.52, the lowest level since November 2025. According to experts, the rise in bond yields, expectations that the Fed will not cut interest rates, and increased demand for the dollar are among the main reasons for the decline in gold.
OIL PRICES REMAIN HIGH
On the other hand, rising oil prices due to the war continue to be decisive in the markets. The price of Brent crude oil reached $109.74 per barrel the day before, closing the day at $109.24. Yesterday, it remained stable at $109.03. The closure of markets in the US and Europe due to the "Holy Friday" holiday and the decrease in trading volumes also limited price movements.