Gold price plunges below $4,350… $1.5 trillion in market cap wiped out in three hours
Suehyeon Lee
Summary
- Gold tumbled below $4,350 per ounce, wiping out about $1.5 trillion in market capitalization in roughly three hours.
- It said that after the recent rally, gold entered a short-term overheated zone, triggering a flood of profit-taking and a sharp correction.
- It added that changes in Middle East dynamics and volatility in global financial markets have partially eased safe-haven demand, also weighing on gold prices.
Forecast Trend Report by Period
A sharp drop in gold prices erased a massive amount of market capitalization in a short period.
According to WatcherGuru on the 17th, gold fell below $4,350 per ounce. As a result, market capitalization worth about $1.5 trillion was wiped out from the gold market in roughly three hours, according to estimates.
The market attributes the abrupt correction to a wave of profit-taking after gold—following a recent surge—entered a short-term overheated zone. Shifting Middle East dynamics and heightened volatility in global financial markets are also cited as factors, as they have partially eased demand for safe-haven assets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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