$XAU showed the market that it can also fluctuate like high beta assets.
The spot gold price fell below 4,200 USD/ounce, down more than 6% in a day, while futures contracts in New York dropped over 8%. This is the first time spot gold has fallen below 4,200 USD since December 10 of last year, forcing those who believe gold can only go up to reconsider the "safe haven asset" narrative.