The price of GOLD has fallen 2.5% below the $4,900 level, marking a decline of more than 12% from the record high reached in January. The decline has accelerated during today’s session, driven by renewed concerns over the situation in the Middle East following attacks on industrial facilities in Asaluyeh. This region is crucial for production from the South Pars field—the world’s largest natural gas deposit, which Iran shares with Qatar. The attack triggered a strong and sharp rebound in the USD, which has recently shown a clear inverse correlation with gold and U.S. stocks. See the chart below:
Source: Bloomberg Financial L.P.
For the first time since January, gold has fallen below the 50-day exponential moving average.
Source: xStation
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