%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of gold (TVC: $GOLD ) has officially entered correction territory as safe haven demand for the precious metals weakens. An asset is said to have entered a correction when its price falls 10% or more from recent highs. In gold's case, its price has fallen 10.5% from a record high of $4,355 U.S. reached earlier in October, entering an official correction at $3,927 U.S. per ounce. Analysts attribute the pullback in gold's price to several factors that have reduced the precious metal's appeal as a safe haven asset in times of market volatility and geopolitical uncertainty. These include a ceasefire between Israel and Hamas, a potential trade deal with the U.S. and China, and the strengthening of the U.S. dollar. However, despite the recent decline, gold's price is up nearly 50% this year and on track for its best annual gain since 1979. Wall Street remains largely bullish on gold moving forward, with analysts largely unfazed by bullion's fall into correction territory. Analysts at Bank of America (NYSE: $BAC ) put out a note to clients saying they aren't worried about the pullback in gold and forecast that the metal's price will reach $5,000 U.S. an ounce in 2026.