Spot gold has nearly erased all of this year's gains, once falling to 4320.3 dollars per ounce
According to Gate market data, on Monday, spot gold once reached $4320.3 per ounce—just under a dollar higher than the price at the end of last year, nearly erasing all gains made this year. Meanwhile, the war in the Middle East has continued for four weeks, and the United States and Iran have issued mutual threats of launching new attacks. Since the outbreak of the conflict, rising oil prices have increased inflation risks and reduced the likelihood of the Federal Reserve and other central banks cutting interest rates in the short term.
This is an unfavorable factor for gold, which has fallen for eight consecutive trading days and has just recorded its largest weekly decline since 1983. Capital.com analyst Kyle Rodda stated that due to technical reasons, "gold is expected to rebound in the short term," largely depending on "whether Trump can deliver on his threats to strike Iranian power plants."
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