Gold prices fell to a 52-week low Thursday, dropping $113.60 a troy ounce to settle at $3,889.40. The precious metal has shed more than 5.5% over the past three sessions, driven lower by rising bond yields, a stronger dollar and sellers who are cashing out of winning trades to cover their bad bets on tumbling tech stocks, such as Nvidia, which has lost more than 25% over the past month.

Goldman Sachs analysts said Thursday that although persistent gold buying by central banks should push-up prices in the long-run, the bank's expectations for three Fed interest-rate hikes next year will make the precious metal less alluring to many investors. As such, the analysts trimmed their gold price forecast for the end of 2027 to $4,650 an ounce, from $4,800.