Gold slips below $4,000 as precious metals sell off sharply
Gold fell under $4,000 on Friday after a broad wave of selling hit precious metals. On Thursday, gold dropped 2.8% and silver lost 5.8%, while platinum, palladium and copper also declined. Inflation worries and expectations of higher U.S. rates weighed on prices, with analysts watching support near $3,924 to $3,942.
Gold traded near $3,998.72 in Asian hours Friday, down 0.63% on the day and about 22% below its January 26 peak of $5,110.50. Thursday’s selloff cut gold 2.8% and silver 5.8%; platinum, palladium and copper also fell. Roughly $810 billion was erased from gold’s market value and over $190 billion from silver’s, with two-day losses across the metals estimated above $1.3 trillion.
Brent’s rise to $112.92 on Iran-conflict fears and CME FedWatch’s near-90% odds of a December Fed hike added pressure. Analysts are watching support at $3,924–$3,942 and resistance at $4,198.93.
The retreat in gold and silver could affect savers, jewelry buyers, miners, and funds holding precious-metals exposure. Lower bullion prices may ease costs for some industrial users and jewelry consumers, while hurting producers and investors who bought near recent highs. Because the move is tied to rate expectations and energy-driven inflation fears, households may feel it indirectly through borrowing costs, portfolio values, and confidence in financial markets.