Affected by the strengthening of the US dollar and inflation concerns triggered by the Iran war, gold prices fell on Friday (March 13) and slid for the second consecutive week.
Spot gold prices dropped by $59.72 or 1.18% on Friday, closing at $5,019.49 per ounce, down 2.94% for the week.
April gold futures settled down $64.10 or 1.25% on Friday, closing at $5,061.70 per ounce, down 1.88% for the week.
Reuters reported, citing independent metal trader Wang Tai, that &#34;despite the influence of asset allocation factors, the market remains optimistic about the long-term trend of gold prices. However, as the US dollar approaches a four-month high, gold prices are gradually retreating to lows not seen since the outbreak of the Iran conflict.&#34;
<h4>Further Reading</h4>
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The US dollar index rose 1.5% this week to 100.50, making gold priced in dollars more expensive for holders of other currencies. Inflation concerns have affected interest rate cut expectations, with central banks expected to tighten monetary policy or raise interest rates to address inflation challenges.
Commerzbank noted in a report that the market's expectation of tighter monetary policy is the main reason putting pressure on gold prices.
Gold has traditionally been viewed as a safe-haven asset to hedge against inflation and economic uncertainty, but rising interest rates typically increase the opportunity cost of holding gold, thereby diminishing its appeal

SGDM

Gold prices fell due to a stronger dollar and inflation concerns triggered by the Iran war, with spot gold prices dropping 1.18% on Friday to close at $5,019.49, marking a decline for the second consecutive week. Gold futures also fell, with the settlement price for April delivery gold futures at $5,061.70, a weekly decline of 1.88%. The market remains optimistic about the long-term trend of gold prices, but the dollar exchange rate is nearing a four-month high, leading to a pullback in gold prices. Inflation concerns are affecting interest rate cut expectations, with central banks expected to tighten monetary policy

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Gold prices fell 1.18% to $5,019.49 on Friday | Lianhe Zaobao