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Gold prices continued to decline sharply during Wednesday’s trading session, losing more than 1% and falling to their lowest level in 11 weeks. Selling pressure intensified as both the U.S. dollar and oil prices moved higher following renewed tensions between the United States and Iran
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Spot gold fell 0.2% to USD 4,321.49 per ounce at 01:24 GMT. Earlier, on Friday, gold prices had dropped by around 3%
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Gold ended the trading week with an impressive rally of more than USD 200/oz, creating the first positive signal after a prolonged and sharp corrective phase.
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Spot gold fell 0.3% to $4,467.59 per ounce as of 02:33 GMT. Earlier in the session, the market touched its lowest level since late March, suggesting that the bearish trend remains dominant.
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Spot gold extended its decline for a fourth consecutive session, falling 1.5% to $4,579.19 per ounce as of 06:31 GMT, its lowest level since May 6. For the week, gold was down nearly 3%.
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Gold prices unexpectedly reversed lower during Thursday’s session, despite a strong rally earlier in the day, as expectations for a U.S.–Iran peace agreement were partly weakened by mixed signals from Tehran.
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From a broader trend perspective, there has been little change compared with the end of last week. Gold is still moving within the upward wave structure from white A to white B, with an internal a-b-c formation.
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Gold prices fell sharply during Tuesday’s trading session, just ahead of tonight’s interest rate announcement. This movement reflects the market’s cautious sentiment as investors prepare for key economic events.
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Spot gold rose 0.9% to $4,763.66 per ounce at 06:45 GMT, continuing to trade within the $4,700-$4,900 per ounce range that has held for the past two weeks.
Gold prices slipped slightly on Monday after news that the Strait of Hormuz had been closed again sent oil prices sharply higher, reviving inflation concerns.