Altcoins News
By Julie Binoche
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Dollar Strength Adds Pressure. The dollar's been on a tear lately. Investors ran toward the greenback as their safe haven of…
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Trading Volumes Tank Globally. The Shanghai Gold Exchange reported trading volumes dropped 15% in March compared to the previous…
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Gold got hammered this week. The precious metal suffered its worst weekly drop in 43 years as Iran's conflict with neighboring countries spiraled out of control, sending…
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The Federal Reserve's stance isn't helping gold's case either. Chair Jerome Powell pretty much telegraphed that interest rates will stay put for the rest of 2024, and he warned…
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Traders dumped gold positions faster than anyone expected. The Commodity Futures Trading Commission's latest data from March 15 shows speculative short positions on gold futures…
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Gold closed at $1,750 per ounce on March 20. That's a brutal drop from the $1,950 high earlier this month.
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The dollar's been on a tear lately. Investors ran toward the greenback as their safe haven of choice, which makes gold more expensive for international buyers.
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But some pros see opportunity in the carnage. John Smith from BlackRock thinks this dip might be a decent entry point for long-term investors.
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The white metal fell to $22.50 per ounce on March 21, down more than 10% from the previous week.
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Central banks in emerging markets are scrambling to reassess their gold reserves. A March 19 World Gold Council report says countries like India and Brazil are taking a hard look…
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The Shanghai Gold Exchange reported trading volumes dropped 15% in March compared to the previous month. Chinese investors are clearly spooked by the market chaos.
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Things got messy for futures traders in Chicago too. The Chicago Mercantile Exchange saw margin calls spike on March 21 as gold contracts moved against leveraged positions.
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Gold jewelry sales crashed in India, one of the world's biggest consumers. The All India Gem and Jewellery Domestic Council reported sales dropped 20% since early March.
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The London Bullion Market Association jumped in with a March 20 statement urging traders to be extra careful.
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Dubai's gold trading activity took a hit too. The Dubai Multi Commodities Centre saw volumes fall 18% in March compared to the previous month.
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