Analysts say gold price falling below $5000 triggers chain selling

After the gold price fell below $5000 per ounce, selling pressure intensified, and spot gold fell to $4878 per ounce at one point. Market analyst Fawad Razaqzada from City Index and FOREX.com stated that the price drop triggered a stop loss below $5000, triggering a chain of selling and causing a sharp drop in prices in a short period of time.