Gold fell more than 11 percent over March 2026, snapping an eight-month run of gains. Economist Peter Schiff said March was gold’s worst month since 2008.

As of April 1, BeInCrypto reported that gold stayed weak even after oil prices surged following the closure of the Strait of Hormuz after U.S.-Israel strikes on Iran in late February. With gold extending its biggest weekly decline since 1983, Sprott Money cited the view that higher energy prices would lead to U.S. Federal Reserve interest rate increases in the coming months as a factor behind the drop in gold prices.

In April, gold began a modest rebound around $4,700 an ounce. Schiff said he saw the March 23 low as a bottom and that April could show the strongest gains since 1980. Sprott Money also raised the possibility of renewed gains, saying prices may have peaked late last week.

The financial analysis platform The Kobeissi Letter said 95 percent of the components of the VanEck Gold Miners ETF (GDX) had entered bear market territory. Over the past four weeks, the indicator surged 850 percent, and gold mining stocks fell 25 percent over the same period, entering a bear market for the first time since 2023, it said. The Kobeissi Letter said a similar signal was detected in late 2023, followed by a rally of more than 346 percent.

Gold prices slid sharply in March, highlighting short-term weakness, but some in the market view it as a cooling-off phase rather than a breakdown in the trend. With a similar rebound signal emerging after gold mining stocks broadly entered a bear market, attention is focused on whether gold prices in April can produce an actual reversal.

The key question is whether the April rebound will remain a temporary technical pullback or lead to a full trend shift after the sharp March fall. If gold prices and gold mining stocks recover at the same time, market pessimism could ease, but if oil prices and interest rate expectations become unsettled again, the potential for higher volatility remains.

Gold is above $4,700. Since bottoming on March 23rd (my birthday), gold has rallied close to 15 percent in just over one week, finishing the quarter up about 7 percent. Despite today's rise, March was the worst month for gold since 2008. As a result, April may be gold's best month since 1980.