As of 23:40 (Vietnam time), the global spot gold price dropped by 1.6% to $4,055 per ounce, briefly dipping close to the $4,000 mark.
Earlier, gold prices had plummeted by 5.29% during the October 21 trading session, marking the steepest daily decline in the past five years.
Gold has repeatedly set records this year, surging by 54%, fueled by geopolitical tensions, economic uncertainty, expectations of Fed rate cuts, and robust inflows into ETFs.
David Meger, Director of Metals Trading at High Ridge Futures, noted, “Given the sharp price rally over recent weeks, we’re not entirely surprised to see some profit-taking ahead of Friday’s U.S. CPI report.”
The U.S. Consumer Price Index (CPI) report, delayed due to the ongoing U.S. government shutdown, is expected to show core inflation holding steady at 3.1% in September.
Investors are nearly certain the Fed will implement a 25-basis-point rate cut at next week’s meeting. Gold, a non-yielding asset, tends to thrive in low-interest-rate environments.
Meanwhile, Russia recently announced ongoing preparations for a potential summit between President Vladimir Putin and U.S. President Donald Trump.
Investors are also awaiting clearer details on a possible meeting between Trump and Chinese President Xi Jinping next week.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, remarked in a note, “We maintain a bullish outlook for gold and silver in 2026. Following this much-needed correction, traders may pause to reassess before concluding that the drivers behind this year’s historic rally have fully run their course.”
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