Overview
The army of new retail investors who scrambled to get exposure to gold has been smashed by a violent price reversal after traders abruptly locked in profits worried that bullion’s stunning rally had pushed prices too high.
After gold tumbled more than 6 per cent overnight in the biggest intraday decline since 2013, the selling extended on Wednesday sending the spot price to as low as $US4004.26 an ounce before recovering to $US4138 an ounce. Silver edged higher after its 7.1 per cent plunge on Tuesday.
Source: https://www.afr.com/markets/commodities/gold-crash-comes-as-retail-investors-pour-record-1b-into-etfs-20251022-p5n4c6