World gold price ‘plunge’ fastest in the past 4 months

Price yellow The world “plunge,” recording its biggest weekly decline since November 2021.

Specifically, at the close of trading on March 18, the US gold futures price lost 0.7% to 1,929.30 USD/ounce.

With this reduction, gold price The world lost 2.8% for the whole week, marking the biggest weekly decline since November 2021 to date.

Analysts say the reason for the demand precious metal The decline is due to the fact that public opinion is quite optimistic about the prospect peace negotiations between Russia and Ukraine, the same effect from the US interest rate hike for the first time since 2018.

The speculative trend in gold has “cooled down” over the past 10 days, as the initial shock from the Ukraine conflict subsides, said David Jones, market strategist at online trading platform Capital.com. .

In the same vein, analyst Edward Meir of investment brokerage ED&F Man Capital Markets said that if there is a ceasefire or some kind of agreement between Russia and Ukraine, the price of gold could fall quite quickly.

Meanwhile, international market analyst Carlo Alberto De Casa said many investors are still bullish on gold and demand for the asset remains strong.