Core Viewpoint - Gold and silver prices experienced significant declines, with gold dropping over 5% and silver over 8%, marking the largest daily drop since August 2020 [1][4]. Price Movements - Spot gold fell to below $4,130 per ounce, with a daily drop exceeding 5% [1]. - Spot silver saw a decline of over 8%, trading below $49 per ounce [1]. - The Shanghai gold futures main contract dropped by 4%, priced at 951.78 yuan per gram [2]. - Spot gold reported a decline of over $200, trading at $4,154.3 per ounce, a drop of over 4% [3]. Market Influences - Analysts indicated that profit-taking was a primary reason for the sharp decline in prices [4]. - A temporary easing of global trade tensions led to a decrease in safe-haven demand, further suppressing gold and silver prices [4]. - The strengthening of the US dollar made precious metals more expensive for most buyers, contributing to the price drop [4]. - Changes in the Russia-Ukraine situation have introduced significant volatility in the gold market [5].

Core Viewpoint - The significant drop in gold and silver prices on October 21 is attributed to profit-taking by investors, a decrease in safe-haven demand due to easing global trade tensions, and a strengthening US dollar making precious metals more expensive for buyers [7]. Price Movements - On October 21, spot gold experienced a decline of over 5%, marking its largest intraday drop since August 2020, falling below $4,130 per ounce [1]. - Spot silver saw a more substantial decline, dropping over 8% and falling below $49 per ounce [1]. - By the evening of October 21, spot silver was reported at $48.11 per ounce, with New York silver futures down 8% at $47.27 per ounce [2]. - Spot gold fell below $4,100 per ounce, marking a drop of over 6%, the first time since October 14 [2]. - Spot gold was reported at $4,154.3 per ounce, down over $200, reflecting a decline of over 4% [6]. Market Influences - The decline in precious metals prices is influenced by profit-taking among investors, a temporary easing of global trade tensions reducing safe-haven demand, and a stronger US dollar [7]. - Changes in the Russia-Ukraine situation have also introduced significant volatility in the gold market [8].