Gold has fallen into correction territory now that investor fears around China tensions, Federal Reserve independence and an artificial intelligence bubble have been soothed. After topping $4,300 just last week, both spot gold and gold futures have made short work of dipping below $4,000. The yellow metal is still up more than 40% in 2025. That pullback could continue over the near term, according to Maximilian Layton, global head of commodities research at Citi. Now that gold has breached $4,000, Layton expects $3,800 is the next stop for the yellow metal, a fall of more than 4% from current levels. He expects material support at around $3,600, representing a 9% slide. "President Trump's shift towards dealmaking not just with China, but also with Malaysia, Thailand, Vietnam, Cambodia, and

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