Gold extended declines to a three-week low as optimism over a US-China trade deal pushed investors to sell safe-haven assets. Bullion futures dropped over 1% to around $3,970 per troy ounce, with gold for immediate delivery falling to about $3,930 ahead of a crucial meeting between Trump and Xi Jinping. The recent drop marks the biggest decline in over a decade, with gold no longer being overbought. Despite this, experts believe gold will find support eventually. Gold’s recent reversal comes after its strongest rally in over 40 years, with futures up roughly 43% since the start of the year. Wall Street remains bullish on gold, with UBS analysts predicting a rebound to $4,700 by the end of the first quarter of 2026. Bank of America analysts reiterated their “long gold” recommendation, forecasting a peak of $6,000 per ounce by mid-2026. Goldman Sachs sees gold hitting $4,900 per troy ounce by the end of next year.

Read more at Yahoo Finance: ‘The sell-off has been relentless’