Gold Falls 5.5% From 3-Month High As Goldman Keeps $4,900 Target

Gold has fallen 5.5% from its August 25 three-month high of 4,697 and traded near 4,436 at press time, slipping below its 200-day moving average as traders price in renewed Federal Reserve rate-hike bets. According to BeInCrypto, Goldman Sachs still expects gold to reach 4,900 by year-end, while Barchart said the metal has logged multiple closes below the line for the first time since early June. Goldman and Fidelity both pointed to continued central bank buying as support.