Gold Collapse! Erases All Year’s Gains

On March 23, spot gold fell below $4,338, currently trading at $4,337.97 per ounce (967 yuan per gram), down 3.54% intraday. Spot silver is at $65.14 per ounce, down 4.02% intraday. This nearly wiped out all of this year's gains.

Meanwhile, the conflict in the Middle East has continued for four weeks, and the US and Iran have exchanged 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 declined for eight consecutive trading days and just recorded its largest weekly drop since 1983.