World gold prices on March 9 still maintained above 5,000 USD/ounce, showing increased safe-haven demand in the context of conflict.
However, at about 7 am on March 9, Vietnam time, spot world gold prices fell 2% to 5,064.71 USD/ounce, while gold futures fell 1.6% to 5,073.21 USD/ounce.
Although gold benefits from safe-haven demand when conflict breaks out, gold's upward momentum is limited by concerns that inflation could cause major central banks around the world to maintain tougher monetary policies.
In the past week, the USD increased more strongly than gold, while oil prices increased faster than many other commodities, due to concerns that conflict in Iran could disrupt global crude oil supplies.
Both the USD and oil skyrocketed on March 9 after the US and Israel attacked Iranian oil facilities, a move believed to potentially escalate the conflict.
Last week, gold prices fell by about 2%, continuing to fluctuate strongly in the range from 5,000 USD/ounce to near the record level of 5,600 USD/ounce reached at the end of January.
The gold market has recently fluctuated sharply due to increased speculation and uncertainty about global interest rate prospects.
Not only gold, other precious metals also fell in price in the first session of the week. Spot silver fell 2.5% to 82.12 USD/ounce. Platinum fell 4.2% to 2,050.29 USD/ounce.
Gold prices experienced one of the strongest declines in many months, but Wall Street was generally not too worried.
According to CBS News, the historic increase brought gold prices from around 2,624 USD/ounce a year ago to a record high of 5,589 USD in January 2026. After that, gold prices adjusted sharply in early March and are currently trading around 5,350 USD/ounce.
For investors who bought in during the hot market period, this decrease may be uncomfortable. However, many analysts believe that this is just a healthy correction in the long-term upward trend of gold.
The gold decline in March did not stem from any individual crisis. Instead, this is a profit-taking activity that often occurs after a long period of price increase. The short-term recovery of the USD also put pressure on gold prices, because USD and gold often fluctuate in opposite directions.
After gold increased by more than 100% in the past 12 months, many investors have taken advantage of locking profits.
Mr. Hiren Chandaria - managing director at Monetary Metals - was not surprised by this correction. "With the strength of the recent increase and the current market position, I would not be surprised if gold corrected sharply in the short term," he said.
According to him, when macroeconomic factors and market structure are still very strong, price drops often attract new buying power and the upward trend will continue.
Gold's upward cycles do not take place in a straight line but often have corrections. Historically, corrections that make small investors worried are often opportunities for large institutions to buy in.
According to EBC Financial Group, as long as gold holds above $5,298/ounce, the upward trend still prevails with the next levels being $5,380/ounce, $5,419 - $5,450/ounce.
