Gold drops 24% to about $4,085 amid 12% quarterly slump
Gold just took a big hit, dropping 24% from its record $5,417 an ounce to about $4,085 an ounce on Wednesday.
This quarter alone saw a steep 12% fall, the sharpest since 2016.
The main reasons? A global tech stock selloff and expectations that the US will tighten monetary policy, which pushed the dollar higher and made gold less appealing.
Fed signals pressure gold and silver
With the Federal Reserve signaling higher interest rates, the dollar got stronger, so buying gold became pricier for folks outside the US.
Plus, when tech stocks crashed, investors sold off their gold to raise cash.
Silver is feeling it too, dropping 17.6% this quarter alongside gold.
Even ongoing global tensions have not been enough to boost gold lately; all eyes are now on upcoming US inflation data for hints on what is next.