Gold drops 30% from peak, analyst outlook
The gold market experienced a sharp decline, with metal prices dropping by nearly 30% from a record high of $5,600 per ounce, reaching their lowest level in seven months at around $3,959. Gold is under pressure from rising expectations of a US interest rate hike, compounded by the ongoing increase in the dollar and bond yields, which heightens selling pressures despite attempts to support the price at the $4,000 per ounce level. Experts predict that the price will continue to fluctuate between support and resistance levels, with opportunities for gains in the medium term despite cautious outlooks.
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