Gold prices crash over 10% as heavy sell-off grips global bullion markets

By Aditya Bhagchandani

OnJanuary 29, 2026 · 9:19 PM IST

Gold prices witnessed a sharp and broad-based sell-off on Wednesday, crashing over 10% from recent highs as intense selling pressure swept through global bullion markets. The steep decline marks one of the sharpest corrections in gold prices in recent years and comes amid extreme volatility across precious metals.

At the time of writing, spot gold was trading near $5,160 per ounce, down sharply by around 4.7% on the day. However, from recent peak levels, gold has fallen by more than 10%, wiping out a significant portion of its recent rally in a short span of time. The sharp move lower followed sustained selling throughout the session, with prices failing to find meaningful support.

Market data indicated that the sell-off accelerated rapidly during late trading hours, dragging gold sharply lower in tandem with a broader correction across metals. The sharp fall comes after gold had surged to record highs earlier, supported by strong investment demand, safe-haven buying, and tight global supply dynamics.

The decline in gold prices also coincided with heightened volatility across financial markets, as traders aggressively unwound crowded positions. The sharp intraday movement underscores the fragile sentiment currently prevailing in the precious metals space, where sharp gains are being followed by equally aggressive corrections.

Market participants are now closely watching price action over the next few sessions to assess whether gold stabilises at current levels or witnesses further downside amid ongoing volatility.

Source: https://www.businessupturn.com/sectors/commodities/gold-prices-crash-over-10-as-heavy-sell-off-grips-global-bullion-markets/