Spot gold retreats below $5,300, down 2.46%
Spot gold fell sharply on Jan 29, briefly slipping below $5,300 per ounce and erasing intraday gains. At the time of reporting, spot gold was down about 2.46%. The move represents a short-term sell-off in the precious metals market; the report provides market information only and does not constitute investment advice.
Bearish
A 2.46% intraday decline and a brief break below the $5,300 level signals a short-term bearish shift for gold. For traders, such a pullback can increase volatility and prompt risk-off positioning: long gold holders may cut exposure while short-term traders could increase sell-side activity or seek short opportunities. Similar sharp intraday reversals have followed moves in macro drivers (USD strength, rising real yields, or hawkish central bank signals). Unless supported by renewed safe-haven demand or dovish policy surprises, this price action suggests continued downside pressure in the near term. Over the longer term, gold’s trajectory will depend on inflation trends, real rates, and monetary policy; if inflation remains elevated and real yields fall, bullion could recover, but persistent rate hikes would be negative.