After touching an all-time high earlier this week, gold prices slipped on Thursday (October 23) as investors turned cautious ahead of key US economic data and a stronger dollar weighed on sentiment.

Here’s what’s driving the latest movement — and what lies ahead.

A pause after a sharp rally

Gold prices have surged nearly 56% so far in 2025, climbing past the $4,000 an ounce mark for the first time in October. Analysts say the latest dip is a healthy correction after an extended rally.

“We’ve seen a correction that is normal after the recent rally, and there’s still some downside pressure,” said Brian Lan, Managing Director, GoldSilver Central. “In the longer term, we remain bullish, but investors should stay cautious in the short term.”

As of Thursday (October 23) morning, spot gold s

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