Views: 0 Author: Site Editor Publish Time: 2025-10-22 Origin: Site
On the evening of October 21st, the prices of gold and silver plummeted sharply. Specifically, the spot price of gold dropped by more than 5% during the trading session, marking the largest intraday decline since August 2020 and falling below $4,130 per ounce; the spot price of silver suffered a more significant decline, dropping by over 7% and falling below $49 per ounce.
The profit correction of funds was one of the main reasons for this sharp decline. Additionally, the temporary easing of global trade tensions led to a decrease in the demand for safe-haven assets, which also suppressed the prices of gold and silver. Moreover, the strengthening of the US dollar index made precious metals more expensive for most buyers.
Furthermore, the changes in the situation between Russia and Ukraine have also brought significant fluctuations to the gold market. According to Xinhua News Agency, on October 21st, the French presidential office released a joint statement by several European leaders regarding the Ukraine issue, stating that they "strongly support" US President Trump's stance on the Ukraine issue, which is that Russia and Ukraine should immediately cease fire and use the current front line as the starting point for negotiations. The statement reads: "We still adhere to this principle: international borders must not be changed through force." The statement said that they will increase pressure on Russia and continue to support Ukraine. As a result, the European leaders who signed this statement are formulating plans to use frozen Russian assets to support Ukraine.
