Gold crashes below $4,300, dropping $1,000 in a month, and silver falls sharply by 7%

Why does the short-term failure of the safe-haven logic behind the sharp plunge in gold prices occur?

On the afternoon of March 23, international gold and silver prices once again plummeted!

As of the time of writing, spot gold has fallen more than 4.66% intraday, breaking below the $4,300 per ounce level, erasing the entire 2026 annual gain. Since the beginning of this year, spot gold has risen nearly 30%, but since March, the price has dropped over $1,000. New York gold futures fell below $4,340 per ounce, down 5.47% intraday. Spot silver dropped to $63 per ounce, down 7% intraday.

This morning, multiple brands adjusted their pure gold jewelry prices, with Lao Miao Gold, Chow Tai Fook, Luk Fook Jewelry, and Chao Hong Ji Gold all falling below 1,400 yuan per gram.

On the same day, the Shanghai Gold Exchange issued a notice on strengthening recent market risk control work. It stated that many factors have recently caused market instability, and precious metal prices have become highly volatile. Members are advised to closely monitor market changes, prepare detailed emergency risk plans, and maintain market stability. Investors are also reminded to manage risks properly, control positions reasonably, and invest rationally.

The domestic market experienced the largest weekly decline in 40 years, breaking through key technical levels in succession and showing a downward trend. The recent plunge in gold prices is due to multiple short-term factors resonating together:

First, the short-term failure of the safe-haven logic; second, a liquidity crisis in global markets; third, a shift in global monetary policy expectations.

Regarding gold stocks, A-shares and Hong Kong stocks of gold companies continued to decline, with Hong Kong’s Chifeng Gold dropping over 25%, Lingbao Gold over 15%, Lao Pao Gold over 10%, and Shandong Gold and Luk Fook Group also seeing significant declines.

(Note: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)