Spot gold extended its losses further on Thursday, January 29, sliding over 5% to trade near $5,109.62 per ounce, as heavy selling pressure continued to weigh on global bullion markets. The fresh decline comes on top of an already sharp correction from recent record highs, underscoring extreme volatility in precious metals.
The continued fall in spot gold reflects global pressure and aggressive profit selling, after prices had surged sharply in recent sessions. As gold slipped further, selling momentum intensified, triggering additional downside during the session.
The weakness in gold also comes amid a broader sell-off across precious metals, with silver witnessing an even steeper correction. The simultaneous decline across metals points to widespread unwinding of positions rather than asset-specific weakness.
Market participants are closely tracking price action as bullion markets remain highly volatile, with traders watching for signs of stabilisation or further sharp moves in the near term.
