Global gold prices drop as investors cash in after surge
Global gold prices dropped on Thursday, January 29, 2026, after reaching a record high, as investors cashed in on profits. The spot price for gold fell 1.3% to $5,330.20 per ounce at 1:30 PM Eastern Standard Time (6:30 PM GMT). Earlier in the day, gold prices had hit an all-time high of $5,594.82 before pulling back by more than 5% to their lowest point of the day at $5,109.62. US Gold Futures for February delivery closed 0.3% lower at $5,318.40.
David Meger, Director of Metal Trading at High Ridge Futures, commented, “We’re seeing aggressive selling after gold hit new all-time highs.”
Despite the drop, gold is still on track to achieve its best monthly performance since the 1980s, up around 24% this month alone. The surge is driven by rising economic and geopolitical uncertainties.
UBS also raised its gold price forecast for the first three quarters of 2026 to $6,200 per ounce. However, the forecasted price for the year-end is expected to drop to $5,900 per ounce.
Silver prices, meanwhile, reached a new high of $121.64, rising more than 60% this month due to supply shortages and continuous buying. Spot platinum prices dropped 3.2% to $2,602.85 after reaching a record high of $2,918.80 earlier this week, while palladium fell 3.7% to $1,996.65.
