Gold prices have retreated below the critical $4,000 per ounce threshold, marking a significant technical breakdown in the precious metals market.
The decline reflects growing investor anxiety ahead of the Federal Reserve's upcoming policy decision, with markets increasingly pricing in the possibility of a rate hike rather than further easing.
This represents a drop of more than 30% from the record high of nearly $5,600 per ounce reached earlier in the year.
A strengthening US dollar has compounded the pressure on the non-yielding asset, eroding its appeal for international buyers.
The sell-off has accelerated sharply, with gold on course to record its largest monthly decline since October 2008.
This represents a drop of more than 30% from the record high of nearly $5,600 per ounce reached earlier in the year.
The rapid repricing underscores a shift in market sentiment, where the prospect of higher interest rates is outweighing traditional safe-haven demand.