MOSCOW, January 30. /TASS/. The price of gold futures with settlement in April 2026 on the fell below $5,000 per troy ounce Comex exchange for the first time since January 26, while the price of silver futures with settlement in March 2026 fell below $100 per troy ounce for the first time since January 23, according to trading data.

As of 12:45 p.m. Moscow time (09:45 p.m. GMT), the price of gold futures was down 7.09% to $4,975 per troy ounce, while the price of silver futures decreased 16.87% to $95.12 per troy ounce.

By 2:51 p.m. Moscow time (11:51 a.m. GMT), precious metals prices had recovered some of their losses. The price of gold had slowed its decline to $5,130 per troy ounce (down 4.2%), while silver was down 11.24% to $101.565 per troy ounce. Meanwhile, the price of palladium futures with settlement in March 2026 on the NYMEX was at $1,835.5 per troy ounce (-9.07%), while the price of platinum futures with settlement for April 2026 were down 11.01% to $2,330 per troy ounce.

Amid falling gold prices, shares of Russian gold mining companies were declining on the Moscow Exchange. As of 2:51 p.m. Moscow time, Seligdar shares were down 7.14% to 58.53 rubles per share, while shares of Yuzhuralzoloto (UGLD) were down 7.14% at 75.68 kopecks per share, and Polyus shares were at 2,598.6 rubles per share (-3.97%). At the current day's low, gold prices fell 11.8% (or $664 per ounce) from their all-time high set on January 28, while silver prices fell 21.9% (or $26.6 per ounce) from their all-time high set on January 29.

Reasons for the decline

As Dmitry Vishnevsky, an analyst at Tsifra Broker, told TASS, the current sharp correction in gold is a natural result of investors taking profits in an overheated market, where prices have risen 27% in a month.

"The immediate trigger was the expected appointment of a new Fed chairman, potentially less inclined to cut rates, which supported the dollar and provoked an outflow of speculative capital from metals," Vishnevsky said.

Alexander Bakhtin, an investment strategist at Garda Capital, told TASS that silver also experienced a correction along with gold. Silver prices have corrected twice as sharply from their recent high, falling 22%. Platinum has shown similar dynamics. The correction has spread across a broad range of metals. Following the recent rally, prices have fallen for aluminum, copper, and nickel.