Gold prices rose to a new high of $4,381.52 an ounce before started crashing. (Photo: Pexels) Show Quick Read Summary is AI Generated. Newsroom Reviewed

After scaling a fresh high in the beginning of the week, gold prices have corrected sharply. On Tuesday, Bloomberg spot Gold has plunged 6.3% to $4,082.03 an ounce, marking the biggest drop since 2013. The bullion held the losses throughout the week and ended at $4,113.05, which indicated $138.77 weekly drop was among the largest ever, Bloomberg reported.

On last Monday, gold prices rose to a new high of $4,381.52 an ounce before started crashing. Below are the top three factors behind the gold price crash.

Overbought

Many analysts and brokerages warned that the precious metal is overbought. Following an almost 30% surge in the bu

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