Spot gold traded near $3,879.90 an ounce late on Friday, down $141.60 or 3.52 percent, its lowest level in more than a year. Spot silver also fell sharply, trading near $49.02 an ounce, down $3.15 or 6.06 percent, as selling spread across precious metals.

The fall came despite conditions that would normally support gold. Treasury yields fell and the dollar retreated, yet bullion still dropped, underlining how broad the liquidation was. A technology-led equity selloff intensified pressure, overriding the support usually provided by geopolitical uncertainty.

Why gold fell while stocks fell too

Reports point to two linked drivers. First, a technology-led equity selloff intensified liquidation pressure across precious metals, overriding the support usually provided by falling Treasury yields and a retreating dollar.

Second, another tanker attack in the Strait of Hormuz pushed crude prices more than 2 percent higher on Friday. Higher oil prices add to inflation worries, which in turn strengthen the case for rates staying higher for longer, a headwind for a metal that pays no interest.

What traders are watching next

Analysts are split on how far the correction runs. Kitco notes gold's latest low is its lowest since 6 October 2025, when it touched an intraday low of $3,884.61 an ounce.

The scale of the retreat is now stark: gold sits about 31 percent below its 28 January intraday record of $5,589.38 an ounce.