Gold Falls Below $4,000 for the First Time Since July. What’s Next?
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Gold price dropped below $4,000 an ounce on Friday for the first time since July, hitting a low of $3,986.85. Just 3 weeks earlier, a major Wall Street bank had named that level as a floor for the metal. Banks and analysts have offered conflicting views on how far gold could fall. How Thursday’s Tech Selloff Reached Gold AI worries hit US tech stocks on Thursday, pulling the Nasdaq Composite down 2.60% to 26,008.86. The S&P 500 lost 1.21%. The Dow Jones Industrial Average, however, ended nearly flat, which kept the selling concentrated in tech. Gold sold off alongside those stocks, falling $116 on the day , economist Peter Schiff noted . Market account Bull Theory estimated that gold and silver together shed over $1.3 trillion in value.
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