Spot gold fell 1.4% to $4,067.31 per ounce, reaching its lowest level in nearly two weeks after briefly rising to $4,161.17 earlier in the day. U.S. gold futures for December delivery slipped 0.7% to $4,081.30.
Tuesday’s session saw a sharp 5.3% drop, following a record high of $4,381.21 reached earlier in the week. Despite the pullback, gold remains up 54% year-to-date, supported by economic uncertainty, expectations of Federal Reserve rate cuts, and strong ETF inflows.
Analysts noted that the recent surge had pushed gold into technically overbought territory, prompting traders to take profits. Support for the metal lies around its 21-day moving average of $4,005.
Investors are now awaiting U.S. inflation data (CPI) due on Friday, which may influence the Fed’s next rate decisions. Economists surveyed by Reuters expect the central bank to cut rates by 25 basis points next week and again in December.
Meanwhile, geopolitical uncertainty persists, with the planned Trump–Putin summit postponed and questions surrounding a potential Trump–Xi meeting.
Analyst Rhona O’Connell from StoneX commented that the market’s instability could trigger renewed buying if prices continue to dip.
Among other precious metals, silver slipped 0.9% to $48.28, platinum eased 0.1% to $1,549.53, and palladium dropped 1% to $1,394.52.
