Despite January’s record sell-off event, precious metals have continued to generate above average returns year to date, with gold and silver gaining 22% and 32% in USD terms respectively.
Precious metals markets entered March on a volatile footing after an impressive rebound post January’s sharp sell off. Gold extended its powerful rally, climbing above USD $5,400 per troy ounce (oz) on safe-haven demand amid escalating geopolitical tensions in the Middle East, before cooling after profit-taking and a stronger US dollar put downward pressure on prices.
Silver followed a similar pattern, showing signs of extreme volatility, briefly trading above USD $95oz before retracing.
Despite January’s record sell-off event, precious metals have continued to generate above average returns year to date, with gold and silver gaining 22% and 32% in USD terms respectively.
This price strength underscores the resilience of the precious metals bull thesis in 2026. Safe-haven flows tied to geopolitical conflicts globally and expectations for a continuation of monetary easing by the US Fed from mid-2026 onward continue to underpin investor interest, even as ETF inflows moderated after record January figures.
Demand wise, the strength across the precious metal sector year to date has led to record levels of new account activations at The Victoria Bullion Exchange.
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