【Gold Price Trend】Spot gold price dropped to near $4,300 at one point. Hong Kong gold price per tael fell another 1,000 yuan, down 10,000 yuan from recent highs.

SocialAnxietyStaker · 2026-03-23T05:45:34+00:00

Gold falls for 8 consecutive days as Middle East escalation drives significant decline, dropping nearly 4% to $4320 at one point. Spot gold now at $44252, down 1.6%. Trump issues ultimatum to Iran, threatening attacks on power plants, while Iran warns of closing the Strait of Hormuz. Analysts predict gold may rebound in the short term due to technical factors.

SocialAnxietyStaker

2026-03-23 05:45:34

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Gold prices have fallen for 8 consecutive days without stopping. The Middle East war enters its fourth week, with Iran and the U.S. threatening to launch new attacks. Gold prices once dropped nearly 4%, hitting $4,320, almost erasing this year’s gains. The spot gold price is currently $44,252, down 1.6%.

U.S. President Trump issued a final warning to Iran over the weekend, demanding the reopening of the Strait of Hormuz within two days, or else he will bomb its power plants. Iran responded that if its power facilities are attacked, it will “completely” close the strategic waterway and target energy, information technology, and seawater desalination infrastructure.

According to data from Cai Ji Shou Jin, on Monday (23rd) Hong Kong time, the price of 999.9 gold closed at HKD 4,000 per tael, down HKD 1,000 for the day, and about HKD 10,000 or 20% lower than the high of HKD 50,000 at the end of January.

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Capital.com analyst Kyle Rodda said that due to technical factors, gold is expected to rebound in the short term, largely depending on whether “Trump will fulfill his threat to strike Iran’s power plants.”

The Relative Strength Index (RSI) of gold on the 14th fell below 30, with some traders believing this level indicates that gold is oversold.

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