Pakistan Gold price today: Gold rises, according to FXStreet data
India Gold price today: Gold rises, according to FXStreet data
Malaysia Gold price today: Gold rises, according to FXStreet data
Gold weakened sharply overnight as markets moved past the initial geopolitical shock of the widening Middle East conflict and began repricing the Federal Reserve outlook. The early safe-haven surge faded as investors reassessed the broader implications of the conflict, particularly the inflationary impact of surging oil prices.
The price of gold has fallen 5% on Tuesday as a combination of profit taking and a US Dollar surge appear to be weighing on the precious metal. This is a surprise given the tension in the Middle East where regional escalation appears to be coming to fruition.
Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict
Gold triggered a bearish wedge reversal, testing key support at the 50-day moving average, while sellers regain control and upside remains capped near $5,419.
Gold slumps over 4% as US yields surge on Middle East escalation
Gold's powerful rebound from February lows has lost momentum after failing to sustain a move beyond technical resistance. The decline takes price into initial support, and a reaction here could determine whether the advance was simply overextended or whether a more meaningful pullback is developing.
Silver and platinum are under strong pressure amid demand worries.
The gold market continues to see increasing volatility on Tuesday, as the US dollar continues to attract inflows. With this, gold has sold off in Europe and Asia.
Gold's (XAU/USD) 5% plunge is a surprise given Middle East escalation. The selloff is driven by rising oil prices sparking inflation fears, leading to fewer expected Fed rate cuts (now 46bps), a surging US Dollar (DXY at 6-week highs), and profit-taking.