Spot gold has almost erased all of its gains for the year, falling as low as $4,320.30 per ounce.

According to TechFlow TechFlow, on March 23, Bitget data showed that spot gold reached $4,320.30 per ounce on Monday—less than a dollar higher than the price at the end of last year, almost erasing all of this year's gains. Meanwhile, the war in the Middle East has lasted for four weeks, with the US and Iran issuing threats of new attacks against each other. Since the conflict began, rising oil prices have increased inflation risks and reduced the likelihood of the Federal Reserve and other central banks cutting interest rates in the near term. This is a negative factor for gold, which has fallen for eight consecutive trading days and just recorded its biggest weekly drop since 1983. Capital.com analyst Kyle Rhoda said that due to technical reasons, "gold is expected to rebound in the short term," which largely depends on "whether Trump can deliver on his threats to strike Iranian power plants."