Gold Prices Slump Nearly 3% in a Single Day. $5,000 Mark Teeters
TradingKey - Gold prices plunge, threatening to break below the key $5,000 support level.
On March 9 (GMT+8), gold prices plunged again, briefly approaching the $5,000/oz mark. This morning, spot gold ( XAUUSD) prices tumbled 2.7%, hitting a low of $5,030 and reaching a seven-day low.
Gold price chart, Source: TradingView
Despite no signs of easing in the Middle East and safe-haven demand remaining high, gold fell instead of rising. This is primarily because the war caused a severe imbalance in crude oil supply and demand, and capital shifted toward oil, which offers more potential. As this situation evolves, gold prices may break through the $5,000 key support level.
Just now, international oil prices surged over 18%. Specifically, WTI crude ( USOIL) prices jumped more than 18%, decisively breaking above $100 per barrel and peaking at $111, the highest level since July 2022.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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