Overview
- Spot prices plunged below $4,000 on Monday in the steepest rout in years, then bounced Tuesday to roughly $4,010 as a softer dollar and dip‑buyers offered support.
- Progress reported in US–China trade talks reduced safe‑haven demand, with analysts also citing profit‑taking, technical pressure and outflows from gold‑backed ETFs.
- Citi cut its three‑month gold target to $3,800 per ounce and flagged technical support closer to the 100‑day average near $3,600.
- Despite the correction from last week’s record just above $4,380, gold remains up more than 50% year to date, while silver also fell sharply during the pullback.
- Local bullion markets echoed the slide, with India’s All India Sarafa Association and Pakistan’s APGJSA reporting notable rupee‑denominated declines ahead of the Fed decision and the planned Trump–Xi meeting.