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09.03.202609:21 Forex Analysis & Reviews: Gold Remains Near $5,000

Relevancia 03:00 UTC--4

Today, gold has come under pressure amid a strengthening U.S. dollar, concerns about a potential Federal Reserve reaction and an increase in interest rates. The pressure on gold has also intensified due to a sharp rise in oil prices, which fuels inflation fears in the U.S. and increases the likelihood that the Fed will keep interest rates unchanged for an extended period.

Exchange Rates 09.03.2026 analysis

The price of the precious metal has dropped to $5,136 per ounce, while silver is priced at $84.53 per ounce. Precious metals have partially offset losses following reports of a coordinated release of oil reserves.

The strengthening of the dollar is traditionally a negative factor for gold, as it makes the metal more expensive for holders of other currencies. At the same time, expectations for sustained high interest rates from the U.S. Fed, driven by inflationary pressure from rising oil prices, also reduce the attractiveness of gold as a non-yielding asset. This dual pressure places significant strain on the price of the precious metal.

Despite the overall decline, gold received some support from the decision to coordinate the release of strategic oil reserves. This move, undertaken by several major economies, aims to stabilize energy prices and may alleviate concerns about further inflationary pressures. The partial reduction in losses following this news demonstrates the gold market's sensitivity to oil and monetary policy dynamics.

Additionally, China continues to actively purchase gold, despite high prices. This recent trend indicates a strategic approach by China to diversify its reserves and reduce its dependence on the U.S. dollar. Amid global economic uncertainty and geopolitical tensions, gold is viewed as a reliable safe-haven asset that can preserve its value in the long term. The buying of gold by Chinese state and private entities occurs against a backdrop of overall increasing demand for the precious metal from central banks in other countries. This trend, in turn, exerts additional pressure on prices, creating a sort of feedback loop: high prices stimulate demand, while high demand pushes prices even higher.

Exchange Rates 09.03.2026 analysis

Regarding the current technical picture for gold, buyers need to reclaim the nearest resistance at $5,137. This will allow them to target $5,223, above which it will be quite challenging to break through. The furthest target will be the $5,317 area. If gold falls, bears will attempt to take control of $5,051. If successful, breaking this range will deal a significant blow to the bulls' positions and drive gold down to a low of $4,975 with the potential to reach $4,893.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Miroslaw Bawulski,
Analytical expert of InstaSpot
© 2007-2026
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