Gold price drops below $4,000 for the first time since July amid tech selloff

Gold price fell below $4,000 an ounce to $3,986.85 on Friday, marking a low not seen since July. This drop occurred alongside a tech selloff, which pulled the Nasdaq Composite down 2.60% and the S&P 500 down 1.21%. Bull Theory estimated that gold and silver together shed over $1.3 trillion in value. While Morgan Stanley previously cited $4,000 as a floor based on central bank buying, other views conflict; Endeavour Mining chief executive Ian Cockerill expressed uncertainty about the $4,000 level, and Bank of America flagged a possible $3,750 low.