Gold Price Plummets Below $1900 Amidst Strong Dollar and Rising Bond Yields

The S&P 500 experienced a late recovery, but global markets continued to suffer losses as US yields surged and the US dollar strengthened. Gold slipped below $1900, reaching a session low of $1872, while the US Dollar Index hit fresh highs before encountering resistance. Hawkish comments from Fed policymakers and the ongoing United Auto Workers strike added to market concerns. The US economy faces potential pressure in Q4, with consumers likely to be affected by depleted savings, student debt repayments, and higher oil prices. US yields, particularly the 10-year, reached new highs. Gold recorded its worst day since July, and the S&P 500 remains in a bearish trend, with a potential short-term retracement facing selling pressure.