Gold Plummets Over 3% From Record Peak as Tech Rout Sparks Profit-Taking
Gold prices recently experienced a sharp slump of over 3% on Thursday, January 29, 2026, dropping from a record peak near $5,600 per ounce to trade around $5,300 per ounce as profit-taking was triggered by a tech stock rout.
Insights
Market Volatility: The price of gold saw high volatility, with a high of $5,626.8 and a low of $5,126.0 during the January 29 trading session.
Tech Rout Correlation: The sell-off in gold coincided with a sharp decline in major tech stocks (including Microsoft, Nvidia, and Amazon) which reignited fears of an AI-driven equity bubble. Traders sold gold to cover losses in other assets or locked in profits after gold's strong rally.
Profit-Taking & Technicals: The decline was largely driven by profit-taking after the metal's significant run this year. The Relative Strength Index (RSI) cooled from extreme overbought levels, indicating a technical correction.
Federal Reserve Stance: The Federal Reserve's decision to maintain steady interest rates and express confidence in economic growth also reduced the immediate urgency for defensive, safe-haven positioning in gold.
#goldprice : A general and widely used hashtag for all gold price related discussions.
#MarketVolatility : Highlights the sharp and sudden price swings observed in both precious metals and tech stocks.
#ProfitTaking : Focuses on the core reason for the sharp decline after the metal's significant rally.
#tech Rout: Mentions the accompanying sell-off in major tech stocks that coincided with gold's slump.
#SafeHaven : Relevant as gold is traditionally a safe-haven asset, and its sharp drop is a significant market event