What was the gold price on March 12, 2020?

Gold closed at approximately $1,570.70 per troy ounce on March 12, 2020 — about $50.50 per gram and $589.02 per tola. This is the international XAU/USD spot price; local retail rates add import duties, taxes and dealer making charges.

Did gold rise or fall on March 12, 2020?

Gold fell about 5.02% on March 12, 2020 versus the previous trading session — moving from $1,653.80 to $1,570.70 per ounce.

Why did gold fall in mid-March 2020 if it's a safe haven?

During the COVID crash, investors and funds sold gold to raise cash and meet margin calls across falling markets. Once the Federal Reserve flooded the system with liquidity on March 23, gold rebounded quickly.

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Historical Unit Breakdown

Gold Price in Every Weight Unit — March 12, 2020

International XAU/USD gold closed at $1,571 per troy ounce on this date, equivalent to $50.50 per gram. The table below converts that reference value into every major regional gold weight unit — from the South Asian Tola, Masha and Rattito Bangladesh's Vori, Thailand's Baht, Vietnam's Lượng, Iran's Mesghal, and the Chinese Tael, Mace and Candareen.

South Asian

5 units

UnitWeightPrice (USD)

1 Tolaتولا · तोला

Pakistan, India, Nepal

11.664 g$589.02

1 Mashaماشہ

1/12 Tola

0.972 g$49.09

1 Rattiرتی

1/96 Tola · gemstones

0.1215 g$6.14

1 Vori (Bhori)ভরি

Bangladesh

11.664 g$589.02

1 Ana (Anna)আনা

1/16 Vori

0.729 g$36.81

Metric & Global

3 units

UnitWeightPrice (USD)

1 Gramg

Worldwide standard

1 g$50.50

1 Kilogramkg

Bulk trade

1,000 g$50,499

1 Troy Ounceoz t

LBMA bullion standard

31.1035 g$1,571

East & Southeast Asian

6 units

UnitWeightPrice (USD)

1 HK Tael兩

Hong Kong, Macau

37.429 g$1,890

1 CN Tael兩

Mainland China

31.25 g$1,578

1 Mace錢

1/10 HK Tael

3.7429 g$189.01

1 Candareen分

1/100 HK Tael

0.37429 g$18.90

1 Bahtบาท

Thailand

15.244 g$769.81

1 Luong (Lượng)lượng

Vietnam

37.5 g$1,894

Middle Eastern

2 units

UnitWeightPrice (USD)

1 Mesghalمثقال

Iran

4.6083 g$232.72

1 Mithqalمثقال

Saudi, UAE, Egypt

4.25 g$214.62

Imperial & Western

2 units

UnitWeightPrice (USD)

1 Pennyweightdwt

1/20 Troy Oz

1.55517 g$78.53

1 Graingr

1/480 Troy Oz

0.064799 g$3.27

How to read this historical table

Every price above is derived directly from the international XAU/USD spot rate on this date ($1,571/oz) using fixed weight constants — 1 troy ounce = 31.1035 g, 1 tola = 11.664 g, 1 baht = 15.244 g, 1 lượng = 37.5 g, 1 mesghal = 4.6083 g, and so on. These multipliers are mathematical, not market estimates, so the conversions are exact.

Prices are shown in US dollars only. Historical local-currency gold rates depended on the exchange rate at the time (March 12, 2020 rates for PKR, INR, AED and others were materially different from today). For an accurate same-date local-currency value, see the country-specific archive link below this section when available.

The figures are pure metal value at international parity — they do not include the import duty, VAT/GST, jeweller making charges, or dealer margin that would have applied at retail counters on this date. For wedding-jewellery or coin pricing context, retail in 22K commonly added 5–15% on top of the spot value shown here.

On this day — March 12, 2020

Gold fell 5.02% from the prior trading session ($1,653.80 → $1,570.70 per ounce).

Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.

Day 72 of 366 · Q1 2020 · 19.7% through the year

March 2020 gold market: Liquidity crash, then a historic policy rescue

Volatile

A liquidation low and a record policy-driven reversal in one month.

March was a tale of two halves. As COVID lockdowns hit, a desperate dash for cash drove gold down to roughly $1,470 by mid-month even as stocks crashed. Then the Federal Reserve cut rates to zero and announced unlimited quantitative easing, and gold reversed sharply to close near $1,575. The episode defined the rest of gold's year.

The mid-March plunge confused many newcomers: how could gold fall while the world was ending? The answer is plumbing. In a true liquidity crisis, leveraged investors must sell their most liquid, profitable holdings to meet margin calls, and gold is among the easiest assets to sell. Once the Federal Reserve removed the cash shortage on March 23 with a pledge of unlimited bond-buying, the artificial selling pressure vanished and gold's fundamentals — collapsing real yields and exploding money supply — took over. The V-shaped recovery from $1,470 set the template for a historic run.

What drove gold in March 2020

COVID liquidity crisis & margin calls
Fed cuts to zero (Mar 15)
unlimited QE announced (Mar 23)
unprecedented fiscal stimulus

Themes#COVID-19#Fed policy#quantitative easing#liquidity

Key events in March 2020

Mar 11WHO declares COVID-19 a pandemic
Mar 15Fed slashes rates to 0–0.25% and restarts QE
Mar 23Fed pledges unlimited asset purchases; gold bottoms and turns up

What happened next

The Fed's unlimited-QE backstop launched gold on a five-month surge to its August all-time high.

For gold buyers

The mid-March low near $1,470 proved the best buying opportunity of the year — but only for those who understood the dip was a liquidity event, not a verdict on gold.

Key terms this month

Quantitative easing (QE):: A central bank creating money to buy bonds, lowering yields and increasing the money supply — historically supportive for gold.
Dash for cash:: A crisis scramble in which investors sell almost everything, even safe assets, to raise US dollars.