Analyst: Reason for Spot Gold's Sharp Short-Term Plunge Unclear

Odaily News According to Adam Button, an analyst at the US financial website investinglive, the price of gold plummeted instantly for unknown reasons. This move drove a broad-based rise in the US dollar. The decline in gold prices and the strengthening of the US dollar may have been triggered by overall risk-off sentiment. US stocks opened essentially flat and then fell sharply. The drop in gold prices has also sparked speculation about a leak of the CPI report, as such a decline might occur after a hot report is released, but I am skeptical of that. Regardless of the driving factor behind this move, it has heightened concerns that "nothing is safe." I believe the trigger was Microsoft's stock price falling 12% in a single day. Since then, we have seen ongoing worries about industry turmoil. The software industry continues to be impacted, but today, the logistics and transportation sectors are also being hit. It's possible that someone who works as a software engineer was forced to liquidate their gold position. (Jin10)