MOSCOW, February 2. /TASS/. High speculative interest from traders and US President Donald Trump's plans for a new Federal Reserve chairman contributed to the sharp drop in gold prices that has been observed since January 29, 2026, Bloomberg reported.
Following the decline in gold prices, investors began to close their positions in the asset, which triggered a sharper fall in the price of the precious metal. The initial reasons for the asset's decline were concerns about the independence of the Federal Reserve System (which acts as the central bank) and the growing attractiveness of the US dollar for traders, Bloomberg wrote.
After a sharp drop, gold has reached its highest level of volatility since the 2008 financial crisis, according to the agency. This makes the precious metal more volatile than the cryptocurrency Bitcoin.
According to data from the Comex exchange (a division of the New York Mercantile Exchange), since January 29, the price of gold futures contracts for April 2026 delivery 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). The silver price 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.