Dhaka, Feb. 2 -- down more than 9 percent in a single session-has rattled global markets and raised a pressing question among investors: will prices sink below the $4,403 mark or stage a recovery?

Spot gold fell to around $4,403 an ounce, marking its steepest one-day decline in decades. The selloff came amid broad weakness across commodities, equities and metals, following the nomination of Kevin Warsh as the next chair of the US Federal Reserve. The move sparked a surge in the US dollar and triggered heavy profit-taking after gold's recent record highs.

Gold prices drop by Tk6,590 per bhori in Bangladesh

A stronger dollar typically weighs on gold, making the metal more expensive for investors holding other currencies. At the same time...