Gold prices fell Thursday, touching the $4,600 level before bouncing about $50 as New York markets opened. Selling pressure hit the market. Traders reacted to the potential for a prolonged conflict in Iran. Rising interest rates also contributed to the decline.
The 10-year U.S. Treasury yield rose above 4.30% again, influencing the metal’s price. This made gold a challenging market for traders.
The $4,600 level represents a key support point for gold. If prices fall below this mark, they could revisit the $4,400 level.
Many markets will close early for Good Friday. This could impact trading activity.