In a significant market downturn, spot gold prices fell by 2.43% to $2,619.49 per ounce, with the majority of trading in decline. A notable acceleration in the drop occurred, bringing prices to $2,610.70, marking a 6.43% correction from the record high of $2,790.10 on October 31. This decline pushed gold below the 50-day moving average of $2,648.40 and approached support levels from October 10 and September 20, at $2,605.25 and $2,584.88 respectively.
Spot silver experienced a decrease of 1.99%, landing at $30.6833 per ounce. Simultaneously, COMEX gold futures dropped by 2.52% to $2,627.00 per ounce, nearing a low of $2,617.10, which is close to the September 19 bottom of $2,575.30. This marks the fourth consecutive trading session where gold futures tested the 50-day moving average, currently at $2,664.29.
COMEX silver futures also encountered a reduction of 2.06%, settling at $30.800 per ounce.
