BNP Paribas Wealth Management Gold and precious metals: update after recent correction
Mar 27, 2026
Philipp Gijsels, Chief Investment Strategist who analyzes commodities and precious metals, joins to dissect the recent correction in gold. He explains how higher rates, a stronger dollar and profit‑taking drove the pullback. They compare past corrections and discuss why miners and commodities may offer attractive opportunities now.
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Why Gold Dropped During Recent Geopolitical Shock
- Gold fell ~17% in March despite geopolitical volatility because rising interest rates, a stronger US dollar, and profit‑taking created headwinds.
- Philippe Gijsels explained interest rates act like 'gravity', the dollar is a commodity headwind, and holders sold into volatility to raise liquidity.
Past Corrections Led To Major Subsequent Rallies
- Historical corrections of 20–30% in gold have repeatedly preceded multi‑hundred percent rallies over subsequent years.
- After 2000, 2008 and 2022 corrections, gold rose 170–292%, so current pullback may be a pause in a long bull market.
Use The Pullback As A Long Term Entry Point
- Treat the recent correction as a buying opportunity if you are a long‑term investor because core drivers remain intact.
- Edmund Shing reminds investors gold is up ~1,400% since 2000, outperforming major asset classes despite no yield.