Gold’s Worst Month Since 2008 Meets Record Trading Volumes at $361 Billion a Day
Gold costs slipped 0.5% in early Asian buying and selling on April 7, settling close to $4,640 per ounce amid the US-Iran battle, which continued to weigh on sentiment.
The decline extends a brutal March. The delivered gold’s steepest month-to-month drop since October 2008. Gold costs fell greater than 13%, snapping an eight-month profitable streak.
Gold’s Worst Month Since 2008 Can’t Slow a Historic Surge in Trading Activity
The sell-off began after the US-Israel strikes on Iran on February 28 despatched oil prices surging.
“Gold’s March 2026 sell-off was not pushed solely by a collapse in safe-haven demand. The deeper transmission path was macro. XAU/USD and gold futures declined sharply as a result of a vital rise within the US greenback, an end-of-month improve in each nominal and actual Treasury yields, and a drastic adjustment in Federal Reserve expectations following the Iran-related oil shock,” EBC’s current article learn.
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However, regardless of headline price weakness, gold market participation stays high. The Kobeissi Letter famous that every day buying and selling quantity averaged $361 billion in 2025.
Moreover, over-the-counter exercise and change volumes elevated to $180 billion and $174 billion per day, whereas exchange-traded volumes soared to $7 billion.
The Kobeissi Letter said that gold now trades extra per day than most main monetary property. At $361 billion every day, gold surpasses US Treasury Bills at $186 billion, the EUR/GBP pair at $169 billion, and the Dow Jones at roughly $100 billion.
Apple, Nvidia, and Tesla combined averaged simply $26 billion per day in 2025. This degree of participation is sort of triple the $134 billion every day common seen in 2021.
“Gold market exercise is surging at a file tempo,” the submit learn.
Meanwhile, central financial institution shopping for additionally continued. According to the World Gold Council, internet acquisitions reached 19 tonnes after a subdued January. While the determine marked a restoration from the earlier month’s slowdown, it nonetheless fell wanting the 26-tonne month-to-month common recorded all through 2025.
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