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Spot Gold Plunges 6%, Marking Largest Drop in Over 12 Years; Analysts Warn of Bubble Risk
BlockBeats News, October 21st, according to the Financial Times, on Tuesday, the price of gold plunged by 6%, marking the largest single-day drop since April 2013. The current historic rally in the price of gold took a temporary hiatus as the Indian Diwali festival gold buying season came to an end.
After reaching a high of $4,381 per ounce on Monday, the price of gold plummeted to $4,082 on Tuesday, with the market widely seeing this as a belated correction. The historic rally this year has accelerated in recent weeks, with a 25% increase in just the past two months.
Nicky Shiels, Metal Strategy Director at MKS PAMP SA, stated: "The market has shown signs of a bubble, with the main catalyst being extreme overbought conditions—this rally is reaching its peak. The $1,000 surge in six weeks indicates that the price of gold is overly inflated, and we are currently at an irrational high."
Analysts pointed out that the recent rebound of the US dollar and the lack of futures market positioning data due to the US government shutdown collectively contributed to the most severe gold price plunge since 2013.
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