Gold dips from record peak amid profit-taking

January 30, 2026 (MLN): Gold prices retreated on profit booking following a historic rally, though the precious metal remains poised for its strongest monthly performance in decades amid ongoing economic and geopolitical uncertainties.

Spot gold fell 2.59% to $5,171.66 an ounce as of [11:38 AM] PST, according to data reported by Mettis Global.

Despite the pullback, gold is still up roughly 24% for the month and has gained 7% just this week, according to CNBC.

Heightened geopolitical tensions are also supporting bullion demand. On Wednesday, former U.S. President Donald Trump urged Iran to negotiate a nuclear deal, prompting Tehran to threaten retaliation against the U.S., Israel, and allied nations.

Meanwhile, the U.S. Federal Reserve left interest rates unchanged, with markets now turning attention to Trump’s upcoming choice for Federal Reserve chair, as Jerome Powell’s term concludes in May.

Silver mirrored gold’s volatility, sliding 2.1% to $114.14 an ounce after peaking at $121.64 earlier in the week. The metal has surged more than 60% this month, driven by tight supply and strong speculative buying.

Copyright Mettis Link News