The precious metals market witnessed a sudden sell-off on January 31st, with the spot gold price at one point falling more than 12% to $4,682 per ounce, the largest single-day drop since the early 1980s.
The plunge extended to silver: spot silver prices at one point fell more than 36% in the session, recording the largest intraday drop in history, before narrowing losses by the end of the day.
- Spot gold at one point fell more than 12%, touching $4,682 per ounce.
- At closing, gold fell 9.25% to $4,880 per ounce.
- Spot silver fell more than 36% in the session; closing down 26.42% at $85.259 per ounce.
Spot gold experienced its sharpest daily decline since the early 1980s.
On January 31st, spot gold plummeted, at one point falling more than 12% to $4,682 per ounce, before closing down 9.25% at $4,880 per ounce.
This development has been described as a sudden sell-off in the precious metals market. The daily drop in gold was the largest since the early 1980s, indicating unusual volatility compared to previous sessions.
Spot silver hit a record intraday drop, then recovered slightly towards the end of the session.
Spot silver lost more than 36% during the session, falling to $74.28 per ounce, before closing down 26.42% at $85.259 per ounce.
The more than 36% drop was cited as the largest in history in terms of intraday volatility for spot silver. Despite a rebound from a Dip of $74.28/ounce, the price still closed sharply lower, reflecting strong selling pressure across the precious metals market.
