Gold price set for a bumpy week after historic slide from record highs
New York, Jan 31, 2026, 12:13 ET — The market has closed. Gold prices head into the next session after a record plunge on Friday, with spot bullion suffering its sharpest daily drop since 1983. Spot gold tumbled 9.5% to $4,883.62 an ounce, while U.S. February futures closed down 11.4% at $4,745.10. Despite the selloff, gold remains on track for a monthly gain exceeding 13%. The slide came after Donald Trump tapped Kevin Warsh to lead the Federal Reserve and the dollar index rose 0.7%. Standard Chartered's Suki Cooper described the move as profit-taking — locking in gains — driven by shifts in the dollar and real yields, or inflation-adjusted bond returns. Nicky Shiels, strategist at MKS PAMP SA, called January “the most volatile month” in precious metals.