Gold fell 2% on Thursday, slipping below $4,000 per ounce as the dollar strengthened and investors took profits following a ceasefire deal between Israel and Hamas. The US dollar index rose 0.5% to a two-month high, making bullion more expensive for overseas buyers. Some speculators pared back positions as geopolitical tensions eased, though confidence in the broader rally remains firm. The Federal Reserve resumed its easing cycle in September with a 25 basis point cut, and traders largely expect additional cuts in October and December. Minutes from the latest FOMC meeting showed officials saw rising risks to the labor market but remained wary of stubborn inflation. The ongoing US government shutdown, now in its second week, has delayed key data releases and heightened market anxiety. Despite the pullback, gold remains up roughly 52% this year, supported by central bank buying, robust ETF inflows, and expectations of further Fed rate cuts.