MOSCOW, February 2. /TASS/. The price of gold futures contracts for April 2026 delivery on the Comex exchange (a division of the New York Mercantile Exchange) has fallen below $4,450 per troy ounce for the first time since January 8, 2026, according to trading data.
The gold price was down by 6.26% at $4,448 per troy ounce. Later the price of gold narrowed losses to 1.14% as it traded at $4,691 per troy ounce. At the same time, the price of silver futures for delivery in March 2026 on Comex rose by 2.81% to $80.735 per troy ounce.
Since January 29, the price of gold has lost 17.4% to its low of $4,423.2 per troy ounce, which was set at 9:38 a.m. Moscow time (6:38 a.m. GMT). Silver has fallen by 37.78% since that date, with the precious metal's low also set at 9:38 a.m. Moscow time (6:38 a.m. GMT) at $71.2 per troy ounce.
Bloomberg reports that the sharp decline in precious metals prices is due to US President Donald Trump's plans for a new head of the Federal Reserve System (serves as the central bank), which he announced on January 29. On January 30, Trump said that he had nominated former Federal Reserve Board of Governors member Kevin Warsh for the post of head of the financial regulator.