PRECIOUS METALS | Gold Enters Bear Market as Bitcoin ETFs See Significant Inflows

Gold prices have declined approximately 22% from their January 29 peak, reaching around $4,388 per ounce on March 23, signaling a bear market for bullion. According to NS3.AI, this downturn is attributed to heightened expectations for U.S. interest rates, increased cash demand, and substantial redemptions from gold funds. Meanwhile, U.S. spot Bitcoin ETFs experienced net inflows of approximately $2.42 billion over the four weeks ending March 20. Despite record withdrawals from gold funds, Bitcoin continued to attract ETF allocations, with the Bitcoin-to-gold correlation dropping to minus 0.88.