The reason for the sharp decline in gold and silver prices has been identified.

According to CCTV Finance, on the 17th local time, global major markets were closed for traditional holidays, and trading in the precious metals market was light. Against the background of the diminished expectation of a rate cut by the Federal Reserve, gold encountered resistance at the key psychological level of $5000 per ounce, coupled with some investors taking profits, intensifying the downward pressure on precious metal prices.