In March 2023, gold prices plummeted 12% to $4,608 per ounce, the steepest monthly decline since June 2013, as reported by the World Gold Council (WGC). This drop was attributed to various momentum factors, including significant outflows from global gold exchange-traded funds (ETFs), which lost $12 billion (approximately 84 tonnes) in value. North America and Europe were the primary contributors to these outflows, while Asia saw inflows of $1.9 billion (10 tonnes), indicating some regional dip-buying activity. Additionally, retail exposure to gold decreased, with a reported 18-tonne net drop in non-reportable positions, reflecting a shift in institutional activity. The report also noted that the Central Bank of the Republic of Turkiye's decision to use gold as collateral contributed to market speculation about selling. Despite these challenges, the WGC suggests that fundamentals may be stabilizing, as early April ETF flows turned positive, indicating that investors still maintain a favorable outlook on gold in the medium term.