Spot gold falls 1.5% to $4,005.82 an ounce

The scale of the move matters more than the direction: a 1.5% single-session drop is a notable crack for an asset that has been grinding near record highs, suggesting some holders are willing to take profits at these levels rather than chase further gains. Gold's role as a hedge gives this reach beyond metals desks, since a sharp pullback can ripple into how broader markets read risk appetite. Whether this is a one-day flush or the start of a deeper unwinding near the top is the open question worth watching in the sessions ahead.