Spot gold falls below $4,000/oz for first time since Nov 4

The significance here is psychological as much as technical: $4,000 has become the line separating gold's recent run from a deeper pullback, and slipping below it for the first time since early November signals that momentum has cooled. This matters most for traders positioned around that round number and for anyone using gold as a macro hedge, since the metal's failure to hold the level may say more about shifting risk appetite than about gold itself. Whether the break holds into the close, or proves a brief intraday dip, is the open question worth watching.