US Stocks Movement | Gold prices sharply retreat after four consecutive days of gains, dragging down gold and silver stocks

格隆汇 March 3｜Gold and silver stocks collectively declined, with Jintian dropping over 14%, Cordell Mining and First Majestic Silver falling over 13%, Endeavour Silver and Harmony Gold down more than 12%, Eros Gold and Pan American Silver down over 11%, Kinross Gold and American Gold Corporation down more than 10%, and Newmont Mining down over 9%. On the news front, gold prices sharply retreated after four consecutive days of gains, affected by a strengthening dollar, high inflation, and escalating conflict in the Middle East. Spot gold fell more than 5%, briefly dropping below $5,020/ounce; spot silver plunged over 12%, breaking below $78/ounce. Thu Lan Nguyen, Head of FX and Commodity Research at Commerzbank, stated that the experience of 2022 may serve as a blueprint. That year, the outbreak of the Russia-Ukraine conflict pushed up oil prices, which in turn drove global inflation higher. The Federal Reserve quickly raised interest rates, the dollar strengthened, and gold was under pressure throughout the year.