Gold Spot Price Falls Below $4500, Silver Spot Price Drops Nearly 7% Today

BlockBeats News, March 21st, according to Bitget market data, spot gold fell below the $4500 per ounce mark, dropping over 3% intraday; spot silver fell nearly 7% intraday, currently trading at $67.845 per ounce.

On the news front, influenced by the strengthening US dollar and reports that the US has made detailed preparations to deploy ground troops in Iraq, exacerbating market concerns about rising oil prices, inflation, and the subsequent increase in interest rates.

Independent precious metals trader Tai Wong stated: "As market concerns rise ahead of the weekend, gold and silver prices are being dragged lower. After experiencing a sharp pullback this week due to rate hike concerns, precious metals are particularly volatile. Prices are expected to consolidate soon, but the process will be full of twists and turns."

Major global brokerages believe that the possibility of a rate hike by the European Central Bank and the Bank of England is increasing, potentially as early as April. The Federal Reserve kept interest rates unchanged on Wednesday and predicted a rise in inflation. Chairman Powell stated that due to the impact of the war, the future policy path faces exceptionally high uncertainty.