Precious metal prices fall in March
As of March 30, 2026, the early market price of gold spot was 1005.93 yuan/gram, a decrease of 12.14% compared to the gold spot market price of 1144.88 yuan/gram at the beginning of this month (March 1).
On the 30th, the gold price slightly rebounded within the day. In terms of spot trading:
On March 30, 2026, Shanghai Gold Exchange quoted a benchmark price of 1011.43 yuan/gram for Shanghai Gold (gold ingots with a standard weight of 1 kilogram and a purity of not less than 99.99%; pricing contract) at noon; The benchmark price for the earlier session was 999.56 yuan/gram, an increase of 11.87 yuan/gram (1.19%); Compared to the benchmark price of 995.34 yuan/gram at noon on the previous trading day (3.27), it has increased by 16.09 yuan/gram (1.62%).
In terms of futures:
The main contract of Shanghai Gold on March 30, 2026, opened at 993.46 yuan/gram and closed at 1014.88 yuan/gram, up 2.28% from yesterday’s settlement price of 992.24 yuan/gram.
Reasons for the rebound of precious metal gold on March 30, 2026
On March 30, 2026, precious metal gold slightly rebounded and rose, which was the result of the correction of expectations of interest rate cuts by the Federal Reserve, the bottoming out of central bank gold purchases, fluctuating geopolitical risk aversion, and a technical oversold rebound. Here are the specific reasons:
1. Pricing of Federal Reserve Rate Reduction Expectations
The Federal Reserve’s interest rate meeting released a super hawkish signal, maintaining high interest rates of 3.5% -3.75%, reducing the expected annual rate cuts from three to one, and delaying the first rate cut until September. US bond yields soared, the US dollar strengthened, and gold prices plummeted. In late March, the US CPI and non farm payroll data fell short of expectations, and the market re priced the path of interest rate cuts. CME data shows that the probability of the first interest rate cut in September has rebounded to 75%, and the expectation of a downward trend in real interest rates has resumed. Funds are flowing back to gold from the US dollar and US Treasury bonds.
The slight rebound of precious metal gold on June 30, 2026 is a repair to the expectation of “delayed but not cancelled interest rate cuts”.
2. Strong Fundamental Support: Global Central Banks Continue to Purchase Gold (Bottom Support)
The People’s Bank of China has increased its holdings of gold for 16 consecutive months, and its reserve scale continues to expand; Global central banks are expected to purchase a net of 863 tons of gold in 2025, and it is expected to remain at a high level (about 755 tons) in 2026. Poland and other countries will increase their holdings significantly, forming a “national level buying market” and greatly reducing the potential for a deep decline in gold prices.
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