Gate News reports that on March 19, gold prices plummeted 10%, falling below the psychological threshold of $5,000 and reaching a low of $4,500. The decline was triggered by the Federal Reserve lowering its interest rate cut expectations for 2026. The latest dot plot shows the Fed reducing its expected rate cuts in 2026 from two to one. Additionally, the Producer Price Index (PPI), a key indicator of wholesale inflation, rose by 0.7% in February, exceeding market expectations and further increasing market volatility.
The bond market responded quickly, with the 10-year U.S. Treasury yield rising to 4.2%, and the U.S. dollar index approaching 99.9, putting pressure on non-yielding assets like gold. After breaking below the 50-day moving average of $4,978, bearish momentum intensified, forcing many long positions to close. Currently, gold trades around $4,500, with market sentiment leaning bearish. The next support level is at $4,350. Geopolitical factors and rising oil prices continue to influence gold’s performance as a safe-haven asset.
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