Gold Futures See Sharpest Two-Day Drop Since 2013 as Traders Cash Out
Gold futures plummeted 8% in two sessions, retreating from a record $4,398 to $4,065.40 per ounce. The selloff erased nearly a tenth of the metal's value since Monday's peak, marking its worst performance in over a decade.
Miners bore the brunt of the downturn. Barrick Gold shares slid more than 1% as traders locked in profits after weeks of gains. UBS analysts attribute the drop to technical factors rather than fundamentals, noting speculative investors exited amid slowing momentum and spiking options volatility.
Despite the pullback, gold remains up 50% year-to-date. Structural drivers—including inflation concerns, U.S. political uncertainty, and debates over Federal Reserve independence—continue to support long-term bullish sentiment. "This is a pause, not a reversal," said UBS's Wayne Gordon.
