Gold’s Worst Month Since 2008 Meets Record Trading Volumes at $361 Billion a Day

Gold prices slipped 0.5% in early Asian trading on April 7, settling near $4,640 per ounce amid the US-Iran conflict, which continued to weigh on sentiment. 

The decline extends a brutal March. The delivered gold’s steepest monthly drop since October 2008. Gold prices fell more than 13%, snapping an eight-month winning streak. 

Gold’s Worst Month Since 2008 Can’t Slow a Historic Surge in Trading Activity

The sell-off began after the US-Israel strikes on Iran on February 28 sent oil prices surging.

“Gold’s March 2026 sell-off was not driven solely by a collapse in safe-haven demand. The deeper transmission path was macro. XAU/USD and gold futures declined sharply due to a significant rise in the US dollar, an end-of-month increase in both nominal and real Treasury yields, and a drastic adjustment in Federal Reserve expectations following the Iran-related oil shock,” EBC’s recent article read.

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However, despite headline price weakness, gold market participation remains high. The Kobeissi Letter noted that daily trading volume averaged $361 billion in 2025. 

Moreover, over-the-counter activity and exchange volumes increased to $180 billion and $174 billion per day, while exchange-traded volumes soared to $7 billion.

The Kobeissi Letter stated that gold now trades more per day than most major financial assets. At $361 billion daily, gold surpasses US Treasury Bills at $186 billion, the EUR/GBP pair at $169 billion, and the Dow Jones at roughly $100 billion. 

Apple, Nvidia, and Tesla combined averaged just $26 billion per day in 2025. This level of participation is nearly triple the $134 billion daily average seen in 2021.

“Gold market activity is surging at a record pace,” the post read.

Meanwhile, central bank buying also continued. According to the World Gold Council, net acquisitions reached 19 tonnes after a subdued January. While the figure marked a recovery from the previous month’s slowdown, it still fell short of the 26-tonne monthly average recorded throughout 2025. 

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