Gold prices recently reached record highs, prompting a surge in retail interest as searches for "buy gold" increased alongside spot prices, indicating a classic retail fear of missing out (FOMO). However, the rally has since cooled, with gold experiencing a 6% pullback following signs of easing trade tensions. Options activity on gold hit 1.3 million contracts, accompanied by increased volatility. Despite the spot price and volatility rising simultaneously, investment funds have been reducing their exposure to gold. Meanwhile, retail investors have been actively engaging in dip buying, as quantified by Goldman Sachs, reflecting attempts to capitalize on price declines.