TechFlow, October 27 — Gold prices plunged 6.3% intraday on October 21, marking the largest single-day drop since 2013. However, this "flash crash" did not trigger panic; instead, it spurred global retail investors to buy aggressively, viewing it as a bargain opportunity. Gold dealers in Singapore and the United States both reported a surge in bottom-fishing demand. Most precious metals analysts regard this as merely a "healthy correction" within a bull market—MKS PAMP SA's head of research noted: "Bull markets always need corrections to clear out bubbles."
Not all views are aligned, however. Bank of America strategist Michael Hartnett pointed out uncertainties in the "currency devaluation" rationale underpinning gold prices: 10-year U.S. Treasury yields remain below 4%, the U.S. is seeing budget surpluses, and the dollar index has not hit new lows—factors that undermine the fundamental basis for shorting the dollar and going long on gold.
BiyaPay analysts suggest investors watch for rotation opportunities among gold, digital assets, and risk appetite during this volatility. The BiyaPay platform now supports 0-fee spot cryptocurrency futures trading, and allows USDT-based trading of U.S. stocks, Hong Kong stocks, and futures (including gold futures), providing diversified portfolio allocation options.
