Gold Market Faces Uphill Battle as Prices Drop 3% from All-Time Highs

The gold market experienced a significant drop of over 3% after reaching all-time highs earlier in the week, with analysts predicting a crucial test for the market next week as a hawkish Federal Reserve could further pressure prices. The market saw high volatility this week, and experts believe that gold has a lot of work to do to recover from the damage. The potential for rate cuts in 2024 and the upcoming release of the Federal Reserve's economic projections, including the dot plot, add to the uncertainty. The Bank of England and the European Central Bank will also release their monetary policy decisions next week, contributing to market volatility. Despite the recent drop, some analysts still see potential in the gold market and consider the current price an attractive entry point.