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Gold prices collapsed due to the Hormuz crisis
Gold exchange prices have plummeted below $4,600 per ounce. During trading on Thursday, March 19, the price of the April gold futures contract on the Chicago Mercantile Exchange (CME) dropped by 8% to $4,505.3 per ounce, according to trading data as of 17:02 Baku time.
This was reported by Bloomberg.
The publication notes that gold and silver prices fell because the war in the Middle East undermined hopes for interest rate cuts. Oil and gas prices surged due to the outbreak of war in the Middle East. This increased inflationary risks, which reduced the likelihood of interest rate cuts by the Fed and other central banks around the world. This is a negative factor for the metal, as investments in it do not generate interest income.
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