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Gold has fallen for six consecutive days, hitting a new one-month low, possibly related to cross-asset reallocation.
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Source: Business Weekly
Gold has fallen for the sixth consecutive day, marking the longest streak of declines since late 2023. Rising energy prices, coupled with a hotter-than-expected U.S. inflation report, have further fueled market speculation that the Federal Reserve may pause interest rate hikes this year.
Gold prices once dropped by 3.4%, hitting their lowest level in over a month. As signs of escalation in the Iran conflict emerge, more energy supplies face risks, pushing crude oil prices higher. The latest developments in Middle Eastern tensions have also triggered a sell-off in risk assets, including stocks, forcing some investors to sell gold to raise cash.
Ewa Manthey, a commodities strategist at ING, said, “It looks like a reallocation across assets. The oil price reflects supply risks, while the decline in gold may be due to profit-taking, as well as broader liquidations amid risk asset sell-offs, a strengthening dollar, and rising real yields.”
Markets expect the Federal Reserve to keep interest rates unchanged at its policy meeting later on March 18.
Despite recent pressure on gold due to concerns that rates will stay steady, gold has still gained over 10% this year. Geopolitical risks and worries about the independence of the Federal Reserve have supported gold demand and boosted prices.
However, concerns about stagflation—slow economic growth combined with high inflation—may lead investors to seek alternative stores of value, potentially supporting gold’s longer-term trend.
As of 11:02 a.m. New York time, spot gold fell 2.7%, trading at $4,869.49 per ounce. Silver declined 3.1%, at $76.80 per ounce. Platinum and palladium also fell. The Bloomberg U.S. Dollar Spot Index rose 0.2%.
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Editor: Zhu Henan