Gold prices have seen sharp swings over decades, but the worst single-session fall for gold in percentage terms occurred on January 30, 2026, with the impact widely reflected in reports on January 31. The crash marked a historic moment in bullion markets, surpassing all major one-day declines seen in modern trading history.
The January 2026 gold crash: what happened?
On January 30, 2026, gold prices witnessed an extraordinary and abrupt reversal after touching record highs just a day earlier. Spot gold had surged to around $5,595 per ounce, driven by strong demand linked to inflation fears, currency debasement concerns, and geopolitical uncertainty.
However, the rally collapsed within hours.
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Spot gold plunged about 9.5%, falling to nearly $4,880 per ounce, with some reports noting even deeper intraday losses.
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Gold futures fell between 11% and 11.4%, settling in the $4,713–$4,745 per ounce range.
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Some intraday measures showed declines exceeding 12%, making it the largest one-day fall in over four decades, and the biggest ever in dollar terms for gold futures.
Market participants widely described the move as the steepest single-session gold crash since the early 1980s, and by several measures, the most severe on record.
Why this fall stands out in history
Before the 2026 collapse, the most frequently cited benchmark for extreme gold declines was April 15, 2013, when gold fell nearly 9% in one session, dropping over $140 per ounce. At the time, that move was considered the worst since 1983.
Going further back, the early 1980s gold crash, following the metal’s peak near $850 per ounce in 1980, also saw extreme volatility. However, modern data now places the 2026 decline as equal to or worse than those episodes, especially when measured by percentage decline in a single trading session.
What triggered the 2026 collapse?
The crash was driven by a sudden reversal after an overheated rally, combined with a sharp rebound in the US dollar and a rapid reassessment of monetary policy expectations. Announcements and speculation related to leadership at the US central bank calmed fears of aggressive rate cuts, triggering heavy profit booking.
Once prices started falling, forced liquidations, margin calls, and unwinding of leveraged positions accelerated the decline, turning a correction into a historic selloff.
How silver compared
The gold crash occurred alongside even more extreme moves in silver. During the same period, silver prices plunged between 30% and 36% in spot and futures markets, underscoring the scale of volatility across precious metals.
Why “worst” depends on measurement
It is important to note that the phrase “worst single-session fall” can vary depending on how it is measured:
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Percentage decline (most commonly used)
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Absolute dollar loss
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Spot prices vs futures
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Intraday low vs closing price
By the most widely accepted benchmark—percentage decline in a single session—the January 30, 2026 gold crash stands as the worst in modern records.
The takeaway
The 2026 gold collapse serves as a stark reminder that even assets considered safe havens can experience historic, one-day crashes when rallies become crowded and sentiment shifts abruptly. While gold has endured sharp corrections before, the scale and speed of this single-session fall place it firmly at the top of gold’s volatility timeline.
