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Spot Gold Wipes Out Nearly All Gains for the Year

BlockBeats News, March 23rd, Monday Spot gold once rose to $4320.30 per ounce—just under one dollar higher than the year-end price last year, almost erasing all gains for the year.


Meanwhile, the war in the Middle East has been ongoing for four weeks, with the US and Iran once again threatening each other with new attacks. The continuously rising oil prices have increased inflation risks and reduced the possibility of the Fed and other central banks cutting interest rates in the short term.


This is a negative factor for gold, which has fallen for eight consecutive trading days and just experienced its largest weekly decline since 1983.


Capital.com analyst Kyle Roda stated that due to technical reasons, "gold is expected to rebound in the short term," which will largely depend on "whether Trump can fulfill his threat to strike the Iranian power plant." (FX678)

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