Gold prices plunged sharply on January 31, 2026, trading at $4,891 per ounce, down over 10% from the previous day after hitting a record high near $5,600 amid geopolitical tensions and Fed rate cut hopes.
Profit-taking and a firmer US dollar triggered the correction, though gold remains up 74% year-over-year and on track for strong monthly gains.
Domestic markets in India saw 24K gold slip to around ₹1,70,000 per 10 grams.
