Overview
- Spot gold fell more than 6% and futures dropped about 5% on Tuesday, wiping back gains after Monday’s all‑time high near $4,381 per ounce.
- Easing US–China trade tensions and overbought technicals reduced safe‑haven demand, with traders pointing to the dollar’s rise as a key pressure.
- Silver slid roughly 6%–7% after its own record run, with recent reports of London market tightness and shifts in vault inventories amplifying moves.
- Volatility spiked, including record options activity on the largest gold ETF last week, even as global ETF holdings remained at a cycle high after heavy 2025 inflows.
- Despite the pullback, major banks still project multi‑thousand‑dollar prices into 2026, and markets now turn to US CPI later this week and the upcoming Fed decision.