#MarchFedMeeting
Gold’s drop is real and it matters because it defies the “war = rally” script.
As of March 19, spot gold sits near $4,710—down about 2–3% on the day and ∼4% month-to-date even with the US-Iran flare-up.
Why? A hawkish Fed (rates held, cuts delayed) pushed real yields and the dollar higher, which makes non-yielding bullion expensive for global buyers.
Funds needed cash for margin calls, so highly liquid gold got sold alongside equities (profit-taking after a 70%+ run in 2025).
Safe-haven flows rotated into oil and the dollar instead.
Physical demand and central-bank buying haven’t vanished, so analysts call it a correction within a bull market—key support around $4,770–$5,000.
If the dollar stays strong and cuts stay distant, volatility continues; if yields roll over, gold recovers. For portfolios, it’s a reminder: even safe havens crash when rates, flows, and liquidity align.