New York:Gold prices have fallen below the $4,000 mark for the first time since July 2026, driven by a selloff in technology stocks and inflation concerns due to rising oil prices. As of 1600GMT, gold was trading at $3,998 an ounce, marking a 0.5% decrease.

According to Anadolu Agency – English, the decline in gold prices is part of a broader trend, with the precious metal losing 6.3% over the past month and 2.63% over the past year. Silver has also seen a decrease, with prices falling 0.75% to $54.2 per ounce.

The recent selloff in technology and artificial intelligence (AI) stocks has led investors to offload precious metals to cover losses in other parts of their portfolios. This trend has been exacerbated by Meta Platforms' announcement of plans to increase capital expenditure, fueling fears that tech companies may incur more debt for expansion.

Additionally, rising oil prices have intensified inflation concerns, reinforcing expectations that interest rates may remain elevated for a longer period. Higher interest rates typically diminish the allure of gold, which does not pay interest, compared to interest-bearing assets.

Despite this, uncertainty surrounding the sustainability of AI investment—a key driver of US economic growth—has led markets to reduce expectations for further Federal Reserve rate hikes, providing some support to precious metals.