Institution: Gold falls during Asian session as the US dollar strengthens

Golden Ten Data reported on March 9 that, against the backdrop of a strengthening US dollar, gold prices fell during the Asian morning session, with spot gold once approaching the $5,000/ounce mark, as investors holding non-dollar currencies showed less interest in dollar-denominated assets. Nikos Tzabouras, an analyst at Tradu.com, stated in an email: "Driven by risk aversion following US and Israeli attacks on Iran, the US dollar is 'more favored than gold and has become the preferred safe-haven asset.'" The senior market analyst also added: "The risk of reflation may prevent the Federal Reserve from cutting interest rates and further weaken gold's appeal, making it more susceptible to larger corrections and volatility."