Gold prices fell to around $4,100 per ounce on Wednesday, extending its retreat from record highs after a more than 5% plunge in the last session, the steepest since 2021.
The metal faced downward pressure as traders locked in gains from recent record-breaking rallies, compounded with improving risk appetite fueled by hopes of easing US–China trade tensions, denting bullion’s safe-haven appeal.
Gold buying in India also eased after the seasonal surge subsided, adding pressure on the physical market.
Still, gold remained up nearly 60% year-to-date, supported by expectations of further Federal Reserve rate cuts at its final two meetings of the year and by broader market uncertainties.
Investors now turn their attention to Friday’s CPI report for further insights into monetary policy cues.
