Source: Money Control

Gold sank for a seventh session as the escalating war in the Middle East drove oil prices higher and reduced prospects for a US interest-rate cut in the near term. Silver slumped more than 10%.

It happened today. The line in the sand — where the 23.6% Fibonacci retracement at $5,016 converged with the Murrey Math 4/8 Major S/R pivot at exactly $5,000 — has been broken. As of this afternoon, spot gold was printing $4,818, down $187 on the session and posting the largest single-day red candle since the conflict began. The chart tells the story with brutal clarity.

 The $5,000 level in gold is no longer a milestone. It is a battleground. As of Tuesday morning, spot gold was holding just above that psychologically loaded threshold, with all eyes turning to the Federal Reserve whose two-day policy meeting kicked off today.

Markets opened the week with a striking reversal from the pattern that has defined the past 17 days, and traders who read the surface-level price action in gold may be drawing the wrong conclusions.

Editor's Note: As published on Reuters :

" Gold prices fell more than 1% on Thursday, pressured by a stronger dollar and diminishing hopes for a reduction in borrowing costs as the ongoing Iran war stoked inflation concerns.

Gold slipped on Thursday as a record coordinated oil reserve release from the International Energy Agency introduced a note of policy resolve into markets that had been pricing in unmitigated supply chaos. Gold futures declined by nearly $100 today and are now trading around $5,092.

Gold futures pulled back sharply on Monday, declining $32.60 to $5,148.70 per troy ounce, though the contract recovered meaningfully from a session low of $5,021.20 as buyers stepped in amid the day's volatility.

Gold and silver rallied sharply on Tuesday, with spot gold climbing roughly 1.06% to settle at $5,192 per ounce. Silver outpaced its sister metal, surging more than 1.48% to an intraday high near $90.00 before closing at $88.26, a price that represents nearly a tripling in value year-over-year.

Gold fell today as oil prices went on a wild ride, reaching $119 per barrel before selling off and settling at $94.70. Gold futures declined by $32.60 as of time of writing to trade at $5,148.70, well off the lows of the day which came in at $5,021.20.

Gold opened the week under moderate pressure, with spot prices trading around $5,408 per ounce on Monday, March 2. The metal had entered the week carrying momentum from a strong recent run, though markets were already on edge amid unresolved geopolitical tensions in the Middle East.