【Gold Price Movement】Spot gold price plunges 6%, briefly breaks through $4,100, erasing gains for the year. Hong Kong gold price per tael falls another HK$1,000, retreating HK$10,000 from peak levels.

SocialAnxietyStaker · 2026-03-24T07:44:04+00:00

Gold prices fell for 8 consecutive days, with spot gold currently trading at $4,195, down 6.7%. Middle East tensions are escalating, with U.S. President Trump threatening to bomb Iranian power plants, while Iran threatens to close the Strait of Hormuz. Experts point out that gold may rebound in the short term due to technical factors, and suggest that gold prices have become oversold.

SocialAnxietyStaker

2026-03-24 07:44:04

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Gold prices have continued to fall for the eighth consecutive day. The Middle East conflict has entered its fourth week, with Iran and the U.S. threatening to launch new attacks. Gold prices once dropped nearly 9%, hitting a low of $4,098, erasing this year’s gains. The spot gold price is currently at $4,195, down 6.7%.

Over the weekend, U.S. President Trump issued a final warning to Iran, demanding the reopening of the Strait of Hormuz within two days, or else U.S. forces 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收金, at 9:30 a.m. Hong Kong time on Monday (23rd), the 999.9 fine gold price was HKD 40,000 per tael, down HKD 1,000 for the day, and 10,000 lower than the high of HKD 50,000 at the end of January, a 20% decline.

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French Paris Bank’s Commodity Strategy Director David Wilson said that gold’s reaction to current macroeconomic shocks has clear market precedents. “Looking back at the previous three economic shock cycles—2008, 2020, and 2022—gold initially fell due to market reactions to the news, as investors typically sell assets to hold U.S. dollars.” He added that all three shocks were followed by sustained increases.

Capital.com analyst Kyle Rodda stated 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 has fallen below 30, with some traders believing this level indicates that gold is oversold.

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