Gold Plummets Due to Central Bank Tightening Policy Outlook, Weakening Currency Devaluation Trade Basis

BlockBeats News, March 19: Gold prices fell sharply by 7% on Thursday, marking the seventh consecutive day of decline. The Middle East conflict has driven energy prices higher, sparking inflation concerns and leading the market to anticipate that major central banks will maintain elevated interest rates. Daniel Ghali, a commodity strategist at TD Securities, stated: "Currently, gold has become a widely held investment asset among institutional investors, thanks to the momentum from currency devaluation trades over the past year. However, the foundation of this trade is now weakening. In the short term, we still believe there is downside risk in the market. Gold has significant room for further decline, but at the same time, it can still retain the support formed during its bull market rally." (Jin10)