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Spot Gold Plunges 6%, Marking Largest Drop in Over 12 Years; Analysts Warn of Bubble Risk
BlockBeats News, October 21st, according to the Financial Times, on Tuesday, the price of gold plunged by 6%, marking the largest single-day drop since April 2013. The current historic rally in the price of gold took a temporary hiatus as the Indian Diwali festival gold buying season came to an end.
After reaching a high of $4,381 per ounce on Monday, the price of gold plummeted to $4,082 on Tuesday, with the market widely seeing this as a belated correction. The historic rally this year has accelerated in recent weeks, with a 25% increase in just the past two months.
Nicky Shiels, Metal Strategy Director at MKS PAMP SA, stated: "The market has shown signs of a bubble, with the main catalyst being extreme overbought conditions—this rally is reaching its peak. The $1,000 surge in six weeks indicates that the price of gold is overly inflated, and we are currently at an irrational high."
Analysts pointed out that the recent rebound of the US dollar and the lack of futures market positioning data due to the US government shutdown collectively contributed to the most severe gold price plunge since 2013.
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WEEX P2P update: Country/region restrictions for ad posting
To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.
I. Overview
When publishing P2P ads, advertisers can now set the following:
Allow only counterparties from selected countries or regions to trade with your ads.
With this feature, you can:
Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.
II. Applicable scenarios
The following are some common scenarios:
Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.
III. How to get started
On the ad posting page, find "Trading requirements":
Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.
When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:
If you encounter this issue when placing an order as a regular user, try the following solutions.
Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.
IV. Benefits
Compared with ads without country/region restrictions, this feature provides the following improvements.
Aspect
Improvement
Trading security
Reduces abnormal orders and fraud risk
Conversion efficiency
Matches ads with more relevant users
Order completion rate
Reduces failures caused by incompatible payment methods
V. FAQ
Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.
Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.
Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.
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