Gold falls below $4,400 after worst week in 15 years
Gold slid more than 2% in Asian trade, extending its worst weekly drop in 15 years as Iran war fears fuel inflation and rate-hike bets
Global gold prices extended their losses in Asian trading on Monday after recording their worst weekly performance in 15 years, and are now on course for their worst monthly close since the 2008 subprime crisis.
Gold fell by more than 2% in Asian trading on Monday (March 23, 2026), extending its decline to the lowest level in around four months, as the escalating conflict in the Middle East stoked inflation concerns and further increased the likelihood of global interest rate rises.
Spot gold dropped 2.5% to US$4,372.86 an ounce at around 9.38am, marking a ninth straight trading-session decline and touching its lowest level since January 2.
Meanwhile, US Comex gold futures for April delivery fell 4.4% to US$4,375.60.
Last week, gold prices tumbled 9.6%, the steepest weekly decline in 15 years, or since 2011, amid investor concern over the economic fallout from the Iran war. Comex gold futures had already slipped 0.7% to US$4,574.90 an ounce before extending losses further and falling below US$4,400 in Asian trade on Monday.
Gold is now heading for its worst month since October 2008. Even so, the metal remains up more than 5% so far in 2026, reflecting strong gains earlier in the year before conflict erupted in the Gulf.
“As the conflict with Iran enters its fourth week and oil prices continue to hover near the US$100 level, expectations have shifted from rate cuts to rate rises, which is undermining gold’s appeal from a yield perspective,” said Tim Waterer, chief market analyst at KCM Trade.
Iran said on Sunday that it would attack the energy and water systems of neighbouring Gulf states if US President Donald Trump follows through on an earlier threat to strike Iran’s electricity grid within 48 hours.
“Gold’s high liquidity is becoming a drag in this kind of risk-off environment. The sharp sell-off in Asian equity markets today is leading to further liquidation of long gold positions,” Waterer said.
Asian stock markets moved lower, while oil prices remained above US$110 a barrel as investors assessed threats by both the United States and Iran to attack energy infrastructure. Meanwhile, CME FedWatch futures indicated around a 27% probability of an interest rate rise by December this year.
In other precious metals, spot silver fell 3.2% to US$65.61 an ounce, platinum dropped 2.9% to US$1,866.65, and palladium slipped 0.5% to US$1,397.25.
