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On this day — March 16, 2022
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 75 of 365 · Q1 2022 · 20.5% through the year
March 2022 gold market: Near-record spike, then the first Fed hike
VolatileA near-record war spike met the start of Fed tightening.
Gold briefly touched about $2,070 on March 8 — within a whisker of its record — as the Ukraine war and commodity shock peaked. It then reversed as the Federal Reserve delivered its first rate hike on March 16, closing the month near $1,940.
What drove gold in March 2022
- war and commodity-price peak
- first Fed rate hike (Mar 16, +25bp)
- extreme volatility
- real yields beginning to climb
Key events in March 2022
- Mar 8Gold spikes to ~$2,070, near its all-time high
- Mar 16Fed hikes rates for the first time since 2018
What happened next
The hiking cycle that began here would pressure gold for the next six months.
For gold buyers
The March 8 near-record proved a trap; the Fed's tightening campaign that began days later would pressure gold for most of the year.
Related months to read
Mar 16 across the years — 2020 → 2021
| Year | Mar 16 close | vs prior | |
|---|---|---|---|
| Mar 16, 2021 | $1,735.00 | +16.62% | View |
| Mar 16, 2020 | $1,487.70 | — | View |