Precious Metals Prices

Precious metal prices decreased 3.4% month on month in March, following February’s 3.3% rise.

In March, the average price of precious metals fell for the first time in over a year, abruptly ending the streak of uninterrupted monthly gains that began in January 2025. Precious metals were the only commodity group to post aggregate losses during the month, with gold, palladium, platinum and silver all recording declines. Gold registered the smallest drop among the four metals, though was the metal’s first in eight months; meanwhile, palladium posted the steepest monthly decline in three years, making it the group’s worst performer. The Iran war pushed energy prices up, strengthening the USD and fueling concerns over delayed Fed rate cuts—reducing the appeal of non-yielding assets such as gold. That said, reported progress in ceasefire talks drove short-term rebounds throughout the month.