Gold plummets below $4930, Brent crude rallies to stand above $100, cryptocurrencies see collective decline, over 90,000 people liquidated

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Journalist | Jin Shan

Editor | Li Yutong

On the evening of March 18, gold experienced a short-term plunge, with spot gold falling over 1.5%, losing the $4,930 level. Spot silver also saw a brief decline, dropping 0.9% to $78.5 per ounce.

In international crude oil markets, both WTI and Brent crude oil surged briefly, with Brent rising nearly 1% to $100.37 per barrel.

In cryptocurrencies, major coins collectively declined, with Bitcoin dropping below $73,000. According to Coinglass, over 90,000 traders were liquidated in the past 24 hours.

On the news front, according to Xinhua News Agency citing Tasnim News Agency and other Iranian media reports on the 18th, Iran’s South Pars petrochemical facilities were attacked by the U.S. and Israel. Details of the attack are still under investigation.

Deutsche Bank Research recently released a special report on precious metals, analyzing the future trajectory of gold prices and the impact of recent market corrections. Deutsche Bank precious metals analyst Michael Hsueh reaffirmed their long-term forecast of gold reaching $6,000 per ounce. The study notes that gold’s asset properties are shifting, with its positive correlation to risk assets strengthening, potentially amplifying risks in investment portfolios rather than simply hedging against them. (See more)

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