Gold Slides Over 4% After Hitting Record High

2026-01-29 15:53 By Joana Ferreira 1 min. read

Gold fell more than 2% to around $5,300 per ounce as investors took profits after a strong rally that pushed prices a fresh all-time high of $5,600.

Bullion had been supported by waning confidence in US assets amid rising economic and geopolitical uncertainty, with momentum accelerating after President Trump downplayed the dollar’s drop to four-year lows, signaling tolerance for a weaker currency amid renewed tariff threats and fresh criticism of the Fed’s independence.

The Fed kept interest rates unchanged, citing labor-market stabilization, while warning that inflation remains high and the outlook uncertain.

Geopolitical risks remained elevated after Iran vowed to “defend itself and respond like never before” following new US threats.

The situation was further intensified by the EU designating Iran’s Islamic Revolutionary Guard Corps (IRGC) as a terrorist organization, the US bolstering its military presence near Iran, and Tehran conducting live-fire drills in the Strait of Hormuz.



News Stream
Gold Slides Below $4,000
Gold prices fell below $4,000 an ounce on Friday, hitting their lowest level since mid-July and putting the precious metal down almost 4% for the week, as rising oil prices strengthened expectations that US interest rates will remain higher for longer. Brent crude surged to a four-year high after Houthi attacks in Saudi Arabia heightened concerns over further energy supply disruptions. Meanwhile, recent US data showed consumer and producer inflation rising more than expected, largely driven by higher energy costs, reinforcing concerns over persistent inflationary pressures. Despite this, Federal Reserve officials are widely expected to leave interest rates unchanged at their October 27–28 meeting. Markets currently price in just a 10% chance of a rate hike next week, compared with odds of around 80% for December, according to CME’s FedWatch Tool. Investors now await US PCE inflation data due October 29 for further clues on progress towards the Fed’s 2% inflation target.
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