After more than doubling in value in just over two years and rocketing 27% in the initial weeks of 2026, Gold suddenly took a downward turn on January 29, plunging 7% within a day and seeing its price crash from $5,500 to $5,119.
Considering there is an estimated 216,265 tonnes of above-surface gold stock in 2026, the fall simultaneously caused a staggering $3.7 trillion collapse in the commodity’s market capitalization.
Indeed, the estimated total valuation of the precious metal stood at about $38.37 trillion when an ounce was trading at $5,500, and it is at $35.71 trillion at press time on January 30.
Gold price one-week chart. Source: TradingView
Why Gold is trading like a risk asset
Possibly the most interesting part of gold’s latest market movements is that it has been trading like some of the most volatile risk assets. Specifically, within the same timeframe, the total market capitalization of cryptocurrencies plummeted more than $200 billion, and the valuation
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