Precious metals experience significant pullback, with the US dollar and yields exerting pressure

The US dollar strengthens + US Treasury yields soar, putting pressure on gold and silver prices

Latest prices: Gold approximately $4,400 per ounce | Silver approximately $68.5 per ounce

Data source: Eastmoney, March 27, 2026

1. Market Overview: Precious metals face notable correction

Alongside the decline in cryptocurrencies, gold and silver have recently come under pressure. As of March 27, 2026, spot gold is around $4,400 per ounce, having briefly fallen to $4,392.87, a drop of 2.52%.

Spot silver is about $68.5 per ounce, with a brief dip to $67.39, a decline of 5.36%, performing weaker than gold.

2. Factors Driving the Decline

1. US Dollar Index Strengthens
The US dollar index has surged to a multi-month high. A strong dollar generally makes dollar-denominated precious metals more expensive for holders of other currencies, suppressing demand.
2. US Treasury Yields Rise
The 10-year US Treasury yield surpasses 4.5%, indicating a significant shift in the fixed income market. Rising yields increase the opportunity cost of holding non-yielding assets like gold, putting downward pressure on precious metal prices.
3. Geopolitical Safe-Haven Demand Fails to Offset Macro Pressures
Despite uncertainties in the Middle East, the dual pressure from the dollar and Treasury yields outweighs safe-haven demand support for precious metals.

3. ETF Holdings Data

According to the latest data, the world's largest gold ETF — SPDR Gold Trust — holds 1,052.705 tons of gold, up 0.286 tons from the previous trading day, indicating some funds are still buying gold on dips.

The world's largest silver ETF — iShares Silver Trust — holds 15,409.46 tons of silver, down 104.21 tons from the previous trading day, showing outflows from silver ETFs.

4. Technical Analysis

Gold:

· The $4,400 level was briefly broken during trading, showing short-term pressure.
· Support is around $4,350; a break below could test $4,300.
· Resistance is at $4,500.

Silver:

· The $68 support level is key in the short term, with a brief dip to $67.39.
· Resistance is at the $70 mark.
· Silver exhibits higher volatility than gold, with larger declines.

5. Market Outlook and Key Levels

Short-term (1-3 days):

· Gold support: $4,350; resistance: $4,500
· Silver support: $67.0; resistance: $70.0

If the dollar index continues to strengthen and Treasury yields stay high, precious metals may face further pressure. The decrease in silver ETF holdings indicates cautious institutional sentiment.

Mid-term (1-4 weeks):
Monitor US non-farm payrolls and CPI data in early April. If inflation data falls more than expected, it could ease upward pressure on yields and support precious metals. Slight increases in gold ETF holdings suggest some long-term funds are still allocating.

6. Trading Recommendations

Short-term traders: Stay cautious, consider light long positions in gold within $4,350–$4,400, with a stop-loss below $4,300; cautiously participate in silver within $67–$68.

Medium-term investors: Watch the trends in the dollar index and Treasury yields, and wait for macro pressures to ease before re-entering.

Physical investors: Current prices are suitable for phased purchases; the $4,300–$4,400 range for gold is a good reference for long-term allocation.

Summary

Regarding Bitcoin, the current price is $68,607.50, under pressure from macroeconomic factors and options expiry. ETF weekly net outflows have not reversed; focus on the $68,000 support level in the short term.

Ethereum is trading at $2,065.13, with a larger decline than Bitcoin. ETF outflows continue, and on-chain activity remains low, so short-term trends follow Bitcoin.

Gold and silver are under dual pressure from a strengthening dollar and rising Treasury yields, with gold around $4,400 and silver around $68.5. Silver ETF holdings decreasing indicate capital outflows.

All three asset classes are currently in correction mode, with macro factors being the dominant influence. Investors should remain cautious and strictly manage risks.

Disclaimer: This report is compiled from publicly available sources for informational purposes only and does not constitute investment advice. Markets carry risks; invest cautiously.

Data sources: CoinGlass, ChainCatcher, Eastmoney, Billion Finance, Gate News, Shanghai Pengbo Financial Information, etc., March 27, 2026