The price of gold dropped below $5,000 for the first time since February 19.

On March 16, the price of a troy ounce of gold dropped below $5,000 for the first time since February 19. This is evidenced by data from the Comex exchange.

According to the trading schedule, by 02:20 Moscow time, the price of the precious metal was $4,970 per ounce. 10 minutes later, by 2:30 Moscow time, the decline slowed to $4,994 per ounce.

The price of gold remains unstable during trading on March 16. Periodically, the precious metal recoups the fall and again exceeds $ 5 thousand, but by 13:14 Moscow time, the price fell to $4977. At the time of publication, there is another increase in the value of gold: it is trading at $5,016.

The silver chart also indicates a drop in the price of the metal. For example, at 13:29 Moscow time, the price was $77.3 per ounce. By 3:29 p.m., silver had regained some of its decline and was trading at $79.4 (-1.943%).

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Earlier that day, Alexander Schneiderman, head of Alfa-Forex's customer support and Sales department, told Izvestia that prices for precious metals could fluctuate in a wide range this week. The price of a troy ounce of gold is expected to be in the range of $4,700 —5240, and silver - about $ 70-90.

He noted that the ongoing conflict in the Persian Gulf increases the risks to the global economy. In particular, there remains the possibility of an energy crisis, which could lead to an acceleration of inflation.

Bloomberg, citing informed sources, reported on March 6 that gold bars began to be sold at high discounts in Dubai amid problems with the delivery of this product caused by the escalation in the Middle East. Traders are offering discounts of up to $30 per ounce compared to the global benchmark index in London.

On March 2, two days after the start of the Israeli-American operation Lion's Roar against Iran, The Wall Street Journal predicted a rise in the price of gold to a record $6.5 thousand per ounce. It was noted that statements by US President Donald Trump about the possible duration of the escalation in the Middle East played a major role in the potential cost increase.

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