【Gold Price Trend】Gold Price Softens After Nine Consecutive Declines; Hong Kong Per Tael Gold Price Falls Below 40,000 Yuan

SocialAnxietyStaker · 2026-03-24T01:33:45+00:00

Recent gold prices have experienced consecutive declines, particularly following the U.S. delay in striking Iranian energy infrastructure, with mixed market reactions. Spot gold briefly recovered to $4448, but subsequently fell back to $4372, marking the largest consecutive decline since 2023. Middle East conflicts and heightened inflation risks, combined with expectations of rate hikes, have prompted investors to sell off gold, driving prices down. Hong Kong gold prices have fallen to 39600 yuan, declining sharply from recent highs.

SocialAnxietyStaker

2026-03-24 01:33:45

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After nine consecutive declines, gold prices fluctuated and remained weak on Tuesday, still not stopping the fall. The market is weighing the decision of U.S. President Trump to delay strikes on Iran’s energy infrastructure. Spot gold briefly reached $4,448 in early trading, recovering some of Monday’s losses, but recently fell back below $4,400, currently at $4,372, down 0.8%.

The Middle East conflict has driven energy prices higher and increased inflation and interest rate hike risks, leading to gold’s nine-day decline, the longest streak since 2023.

According to Gold Record’s data, as of 9:30 a.m. Hong Kong time on Tuesday (24th), the bank’s 999.9 gold price closed at HKD 39,600 per tael, down HKD 400 from the previous day, breaking below the HKD 40,000 level, and down HKD 10,400 or 20.8% from the high at the end of January when it was HKD 50,000.

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On Monday, Trump announced he had instructed the U.S. Department of Defense to suspend all military strikes on Iran’s power plants and energy infrastructure for five days, citing successful negotiations with Iran over the past two days, which boosted U.S. stocks, and caused U.S. bond yields and the dollar to fall. However, Tehran denied any negotiations with the U.S.

Amid the “Rashomon” situation, the outcome of any negotiations and whether ships can pass through the Strait of Hormuz in the future remain uncertain. Additionally, rebuilding damaged energy infrastructure will take time, meaning inflation threats persist. Coupled with market expectations of central bank rate hikes, gold’s performance remains under pressure.

As for the decline in gold prices, it can also be partly attributed to investors “wanting cash rather than gold,” selling relatively liquid and profitable gold positions.

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