Spot gold falls 3.5% intraday to $4,135.14/oz

A 3.5% single-session drop is a large move for gold, a market that typically grinds rather than gaps, and the absence of any stated catalyst in the item leaves the driver unexplained — which is itself the story. Moves of this size matter most to leveraged and momentum-linked positioning, where sharp reversals can force de-risking regardless of the fundamentals. Whether this proves a one-day shakeout or the start of a deeper repricing is the open question, and the follow-through in the next few sessions is what will answer it.