Gold Slumps on Profit-Taking After Record Surge

2026-01-30 18:24:18

Gold tumbled more than 5% to around $5,100 on Friday, as profit-taking triggered a broader pullback across precious metals. The decline followed a sharp rally that pushed bullion to a record $5,608 on Thursday, leaving prices still on track for a 17% monthly gain, a sixth consecutive monthly advance and the strongest performance since the 1980s, fueled by heightened economic and geopolitical uncertainty, alongside sustained US dollar weakness. Geopolitical risks remained elevated after President Donald Trump signed an executive order imposing tariffs on goods from countries supplying oil to Cuba, a move that adds pressure on Mexico. Tensions also intensified in the Middle East, with Trump urging Iran to enter nuclear talks, while Tehran warned of retaliation and vowed a swift response. On the monetary policy front, Trump said that he had nominated former Fed governor Kevin Warsh as the next Fed chair, ending months of speculation over the future leadership of US monetary policy.

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