02:00 PM EDT, 10/22/2025 (MT Newswires) -- (Updates prices.)

Gold prices fell again midafternoon on Wednesday, continuing a correction from Monday's record high following a big drop a day earlier.

Gold for December delivery was last seen down $42.400 to US$4,066.70 per ounce after falling by US$250.30 a day earlier, down from Monday's record US$4.359.40 close.

The price of the metal had climbed 65% since the start of the year prior to this week's correction, raising concerns it had become over bought.

"The forceful correction shows how one-sided the focus had become leading to a natural reset after a powerful nine-week rally that saw gold gain 31%," Saxo Bank noted.

The dollar weakened, with the ICE dollar index last seen down 0.11 points to 98.82. Treasury yields weakened, with the yield on the US two-year note last seen down 1.4 basis points to 3.447%, while the 10-year note was paying 3.957%, down 1.9 points.