Gold Prices Plummet After Losing US$2.4 Trillion in Two Days

The global gold market recorded a loss of around US$2.4 trillion in just the last 48 hours, according to TradingView, Wednesday (22/10). Furthermore, the global gold market continued to plummet after a day earlier it dropped around 6.3% in one trading day, marking the largest decline since April 2013.
The decline in gold prices, known as a safe haven asset, is usually triggered by fundamental changes in global monetary policy and investor sentiment.
This is in line with the strengthening of the US dollar and speculation regarding global central bank policies. Furthermore, the market is currently awaiting certainty on whether this decline is only short-term or long-term.
Then, the missing US$2.4 trillion is equivalent to the gross domestic product of (PDB) of several major countries, which shows how severe the losses have occurred in a very short time.