Spot gold almost wiped out all of this year's gains and fell to $4,320.3 per ounce

Spot gold hit $4,320.3 an ounce on Monday-less than a dollar higher than its price at the end of last year, according to Gate market data, wiping out almost all of this year's gains. At the same time, the war in the Middle East has been going on for four weeks, and the United States and Iran have threatened each other with new attacks. Since the outbreak of the conflict, rising oil prices have increased inflation risks and reduced the likelihood that the Federal Reserve and other central banks will cut interest rates in the short term.<br /> That is a downside for gold, which has fallen for eight consecutive trading days and just recorded its largest weekly decline since 1983. Capital.com analyst Kyle Roda said "gold is expected to rebound in the short term" due to technical reasons, which will largely depend on "whether Trump can deliver on his threat to strike Iranian power plants."