Analyst from commerze bank commented that the drop of the gold price is due to some profit taking as it would not be surprising to see significant profit taking when the scale of the upswing over the past four weeks has been excessive. The long term outlook on gold remain positive and price will be rising again after the correction. All those stimulus package and recent extension order signed by Trump with trillion dollars could sink the currency.and the surge of the coronavirus cases in us, the economy recession will continue in us.

https://www.kitco.com/news/2020-08-11/The-overdue-correction-begins-How-much-can-gold-price-silver-price-fall.html