A hawkish Fed debut and Turkey’s $120 billion reserve sale triggered gold’s first dip below $4000 since November.
Gold prices fell below $4000 for the first time since November, driven by a stronger US dollar and geopolitical turmoil. The decline accelerated after Turkey sold $120 billion in reserves to protect its currency and Fed Chairman Kevin Warsh delivered a hawkish debut, fueling a dollar rally.
Earlier, gold had rallied following a US-backed coup in Venezuela and escalating tensions with Iran. Support may emerge near the late October low of $3885, though the technical outlook remains weak.
The move reflects broader market shifts, with investors recalibrating expectations amid rising US yields and geopolitical risks.