Sleepless Night! Gold Records Largest Single-Day Drop in 40 Years

Deep News01-31 17:22

Special Topic: Gold and Silver Experience a Crash of the Century - Has the Precious Metals Bull Market Ended?

In the early hours of January 31st, Beijing time, profit-taking pressure on precious metals surged dramatically, leading to a crash-like plunge for gold and silver. Spot silver plummeted by up to 36% intraday, marking its largest historical single-day drop, with the lowest point hitting $74.28 per ounce. Spot gold fell by over 12% at its worst, touching a low of $4,682 per ounce, representing its largest single-day decline since the early 1980s. This massive volatility served as a live-streamed lesson in risk, sounding a clear alarm for retail investors.

Around 2:40 AM on January 31st, the intraday loss for spot silver widened to 34.67%, tumbling from above $110 per ounce all the way down to $75.38 per ounce. Spot gold's intraday decline expanded to 12.41%, falling from $5,400 per ounce to $4,709.68 per ounce.

Ultimately, spot gold closed down 9.52% at $4,865 per ounce. Spot silver finished the session down 26.9% at $84.7 per ounce. Despite the sharp drop, gold and silver still registered monthly gains of 12% and 18% respectively for January. Spot platinum plunged 17.59% but managed a cumulative monthly gain of 1.65%. Spot palladium tumbled 14.89%, ending January with a 4.66% increase.

[The market carries risks; invest with caution.]

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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