Gold prices continued to drop in the European and U.S. markets at the start of the week. This was mainly due to profit-taking and selling pressure that had already started the previous day.
On this day, the U.S. March Services PMI (Purchasing Managers’ Index) was stronger than expected. This led to more buying of the U.S. dollar, which made gold (priced in dollars) less attractive, causing more selling.
Additionally, U.S. President Donald Trump stated that he might give tariff exemptions to many countries. This reduced market fears, making investors feel more confident. As a result, all three major U.S. stock indices rose significantly, increasing the “risk-on” sentiment (meaning investors preferred riskier assets like stocks instead of gold).
However, since Trump’s statements often change, market risks remain. Therefore, the drop in gold prices may be temporary.
Gold/Dollar Price Range Forecast: 3030 – 2990
Note: The above content does not guarantee profits. Please make your own decisions when trading.