The largest drop in nearly two years! Gold prices hit hard, what happened?
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Gold prices experienced the largest drop in nearly two years under the dual pressure of easing tensions in the Middle East and profit-taking by investors. Gold fell by as much as 2.8%, dropping from last Friday's record high close. The cooling of the situation in the Middle East has reduced safe-haven demand, and Iran's attack on Israel is also not expected to trigger a full-scale war. In addition, profit-taking by investors has also put pressure on the gold price. Gold has risen by over 50% in the past two years, with a recent surge of nearly 20%. UBS predicts that unless geopolitical risks escalate, gold may enter a period of consolidation
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