Gold suddenly dropped sharply, is it something to worry about?

Precious metals on the world market quickly lost the threshold of 2,400 USD/ounce after achieving this record yesterday.

Disappointing economic data is adding to solid safe-haven demand in the gold market. June gold futures last traded at $2,421.60 per ounce, up 2% during the session.

According to the report, consumers see inflation in the United States rising to 3.1% by this time next year from 2.9% in March. Expectations have peaked above the range seen over the past two years. .

Precious metals immediately turned around after peaking last night due to a wave of profit-taking from many investors. However, in the long term, many people believe that gold prices still have room to increase.

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Comment:

Comment:

✅ If XAUUSD closes above $2,400 per troy ounce, the price could rise to test the all-time high and potentially head towards $2,500 per troy ounce, the next potential resistance level.
✅ Conversely, XAUUSD could return to $2,300 per troy ounce if the price does not close above $2,400 per troy ounce.