Gold prices fell 3.4% today (September 30), marking a rare one-day drop in nearly 20 years. Based on historical data since 2006, daily volatility corresponds to a Z-score of -2.90, placing this move in the extreme left tail of the return distribution. A decline of this magnitude occurs about once every two years statistically. The wave of selling follows a sharp rise in yields on U.S. Treasury bonds, which is disrupting precious metals markets.
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