Gold Plunges After Record High, Biggest Selloff Since October
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Moneycontrol•29-01-2026, 23:22
Gold Plunges After Record High, Biggest Selloff Since October
- •Gold experienced its largest single-day drop since October, reversing earlier gains that pushed it past $5,500 an ounce to a new record.
- •The selloff was primarily triggered by a strengthening US dollar, which rebounded after earlier declines.
- •Bullion fell by as much as 5.7% intraday, while silver saw an even steeper decline of up to 8.4%.
- •Declines in the equities market also contributed to a broader liquidation across various assets, including precious and industrial metals.
- •Technical indicators like the Relative Strength Index (RSI) for both gold and silver had signaled an overbought market, suggesting a potential price correction.
Why It Matters: Gold saw a significant price correction, falling sharply from record highs due to a stronger dollar and market liquidation.
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