Spot Gold Plunges $1,000 per Ounce in Three Sessions…Falls Below $4,600

Source

Suehyeon Lee

Summary

Spot gold prices reportedly plunged by about $1,000 over three trading sessions, falling below $4,600 per ounce.
The market said the flight to safe-haven assets, after a short-term overheated phase, led to profit-taking pressure and the unwinding of leveraged positions.
Some said the sharp correction in the precious metals market could be a signal of fund flows across both risk and safe-haven assets.

Forecast Trend Report by Period

Spot gold prices have posted a sharp short-term selloff, dropping below $4,600 per ounce.

According to the Kobeissi Letter on the 1st (local time), spot gold fell by about $1,000 over the past three trading sessions, slipping below $4,600 per ounce. The move marks a steep pullback after surging to near record highs.

Market participants interpret the recent flight to safety as having entered a short-term overheated phase, then turning into profit-taking pressure. With gold having spiked in a short period, volatility is also being amplified alongside the unwinding of leveraged positions.

Some observers say the abrupt correction in precious metals, including gold, could signal a broader shift of funds across risk and safe-haven assets, arguing that attention should be paid to changes in the macro environment rather than short-term price moves.