The gold market found a lot of selling pressure on Thursday, as traders are reacting to the idea of the war in Iran stretching for a few more weeks. Rates jumping were also a problem for metals.
Gold prices have come under renewed pressure, with the metal extending its sharp correction despite ongoing geopolitical tensions. The gold price (XAU/USD) fell to around $4,618, down 3.5% on the day, and roughly 15% below recent highs, as markets reassess the outlook for interest rates and investor positioning.
Gold retreats from two-week highs amid USD, yields rebound after Trump remarks
Gold hit a fast drop as the market views this drop as a correction. As we see over the chart, the main support trend zone is at 4600-20, where as long as the market holds above it, the advance wave could return towards the 4820-60 zone.
Gold breaks trendline support at $4,610 while Silver slips below $7,150. Explore key technical levels, RSI momentum, and trade ideas for XAUUSD and XAGUSD here.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
Gold retreats sharply from two-week top/$4,800 as Trump's Iran comments boost USD