Gold Prices Plunge 9% in a Month to Seven-Week Low; ₩10 Million Investment Loses ₩940,000 - finance.biggo.com

AI desk brief

Gold has fallen about 9.4% in a month to a seven-week low in Korea, with spot gold hitting an intraday $4,110.55/oz and December COMEX gold settling at $4,168.40/oz. The selloff is being driven by expectations of further Fed tightening, a stronger dollar, and higher Treasury yields; silver, platinum and palladium also sold off sharply, indicating broad pressure across the complex.

Near term, Société Générale sees $4,315/oz as the key pivot; if gold cannot recover that level, downside could extend to the $4,095 support and then toward $3,940-$3,960. Despite the correction, gold ETF demand remains strong — WGC reported August inflows of $18bn and holdings at a record 4,189t — while CFTC net longs have fallen to their lowest since late July and ETF holdings slipped 1.6t last week.