【Gold Price Trends】Spot gold price breaks below $4,300, erasing gains for the year. Hong Kong gold price per tael drops another 1,000 yuan, retreating 10,000 yuan from highs.

SocialAnxietyStaker · 2026-03-23T06:17:03+00:00

Gold prices have fallen for eight consecutive days, impacted by Middle East conflicts and escalating US-Iran threats. The gold price dropped to $4,270 per ounce, erasing gains made earlier this year. Trump issued an ultimatum to Iran, threatening to bomb its power plants if it does not reopen the Strait of Hormuz, while Iran threatened to close the waterway. Analysts believe gold may rebound in the short term, depending on Trump's actions.

SocialAnxietyStaker

2026-03-23 06:17:03

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Gold prices have not stopped falling after eight consecutive days of decline. The Middle East war enters its fourth week, with Iran and the U.S. threatening to launch new attacks. Gold has dropped 5%, falling below $4,270, erasing this year’s gains. The spot gold price is currently $4,274, down 5%.

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 strike energy, information technology, and seawater desalination infrastructure.

According to data from Caiji, at 9:30 a.m. Hong Kong time on Monday (23rd), the bank’s 999.9 gold price was $4,000 per ounce, down another $1,000 for the day, and $10,000 or 20% lower than the high of $50,000 at the end of January.

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 14-day Relative Strength Index (RSI) for gold fell below 30, with some traders believing this level indicates that gold is oversold.

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