Gold, Silver Prices Tumble On Weak Chinese Buying Amid Lunar New Year Holiday— Analyst Warns Of Broader Impact - SPDR Gold Shares (ARCA:GLD), State Street SPDR S&P 500 ETF Trust (ARCA:SPY)

Core Insights - Gold and silver prices have sharply declined due to weaker Asian demand, particularly from China, with gold futures falling below $5,000 and silver dropping to $74.24 an ounce [1][2] - The bearish sentiment surrounding the U.S. dollar is increasing, with a Bank of America survey indicating the most bearish dollar positioning in 14 years, which may exert further downward pressure on commodities [2] - Gold's support level is identified at $4,860, with a potential drop to $4,670, while silver shows signs of weakening momentum, possibly heading towards $70 [3] Market Trends - The recent gold rally may reflect broader trends in the commodity market, suggesting a shift beyond its traditional role as a safe-haven asset [4] - Concerns are raised regarding China's potential development of gold-backed digital assets in Hong Kong, indicating a strategic move away from the yuan [5]