Gold experiences a significant market downturn, with its price crashing by 7% in a single day. This abrupt fall occurred on January 29, seeing prices drop from $5,500 to $5,119. 📉

This sudden depreciation follows a period of strong growth, where Gold had more than doubled in value over two years and seen a 27% surge in the initial weeks of the year. This rapid reversal has caught many investors off guard.

Considering the estimated 216,265 tonnes of above-surface gold stock, this price movement led to a staggering $3.7 trillion collapse in the commodity’s market capitalization. 💰