Gold prices extend Tuesday's tumble

Market Overview - Gold prices declined by 1.73% to $4,052.69 an ounce after experiencing the sharpest single-day drop in over five years, as investors booked profits despite being up more than 50% year-to-date, marking its strongest performance since the 1979 oil crisis [1] - Major stock indexes eased, with the Dow Jones Industrial Average falling 118.69 points (0.25%) to 46,806.05, the S&P 500 down 22.73 points (0.33%) to 6,713.39, and the Nasdaq Composite decreasing by 165.07 points (0.70%) to 22,791.98 [4] Company-Specific News - Netflix shares dropped over 9% in early trading following a disappointing outlook, contributing to the overall decline in major stock indexes [2] - Tesla is set to kick off the earnings season for the "Magnificent Seven" group of megacap stocks, with its shares down about 1% ahead of the results [2] Economic Indicators - London stocks rose for the third consecutive day, with the FTSE 100 gaining 1.1% as investors anticipated interest rate cuts from the Bank of England after inflation data held steady unexpectedly [5] - US Treasury yields increased slightly, with the benchmark 10-year notes rising by 1.1 basis points to 3.974% amid a prolonged government shutdown [5][6] Central Bank Actions - The US Federal Reserve is expected to meet next week, with a nearly full consensus on a 25-basis-point rate cut, although the ongoing government shutdown has limited economic data availability [6] - The Bank of Japan is also anticipated to maintain its current rates during its upcoming meeting, similar to the European Central Bank [7]