In March 2026, commodity-based exchange-traded funds (ETFs) saw declines of up to 15%, largely due to a significant drop in silver prices. The UTI Silver ETF led the losses with a 14.72% negative return, while four other silver ETFs reported declines between 13.81% and 13.96%. The downturn was triggered by the unwinding of leveraged positions as investors booked profits, compounded by escalating tensions in the US-Iran conflict, which pushed oil prices higher and raised inflation concerns. This led to tighter global liquidity and a stronger US dollar, adversely affecting precious metals. Mid-March saw a sharp decline in gold prices, with a drop of over 10% in a week, marking its steepest fall since 1983. As of March 24, 2026, gold trades around the mid-$4,000s per ounce, with some signs of bargain-hunting emerging. The outlook for both gold and silver remains uncertain, hinging on macroeconomic factors such as liquidity and inflation.