Gold is down significantly today primarily due to a combination of profit- taking after a historic rally, a stronger US dollar, and optimism over easing US-China trade tensions. After gold reached an all-time high of around $4,381 per ounce on October 20, investors began to lock in gains, leading to a sharp single-day drop of around 5-6%, the steepest since 2013. The strengthening US dollar, which makes gold more expensive for holders of other currencies, further pressured prices. Additionally, improving sentiments around a potential US-China trade deal reduced gold's safe-haven appeal. Technical indicators also suggested that gold was overbought, prompting a market correction. Despite this sharp fall, underlying economic uncertainties and geopolitical risks could continue providing support to gold in the medium term.