TechFlow News, March 23: According to Bitget data, spot gold hit $4,320.30 per ounce on Monday—just under $1 higher than its year-end price, effectively erasing nearly all of its gains for the year. Meanwhile, the conflict in the Middle East has now entered its fourth week, with the U.S. and Iran exchanging threats of launching new attacks. Since the outbreak of hostilities, rising oil prices have heightened inflation risks and reduced the likelihood of near-term interest rate cuts by the Federal Reserve and other central banks. This is a negative factor for gold, which has declined for eight consecutive trading days and just posted its largest weekly drop since 1983. Kyle Roda, analyst at Capital.com, stated that “gold is poised for a short-term rebound due to technical factors,” largely contingent on “whether Trump follows through on his threat to strike Iranian power plants.”
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