New Delhi, Jan. 30 -- A sharp selloff gripped the precious metals market in Thursday's trading session, January 29, causing gold prices to crash almost 6% and silver prices to tumble 8%. Both gold and silver retreated sharply from their all-time high levels as the US dollar strengthened and amid a decline in the US stock market.

According to a Bloomberg report, this is the worst intraday fall for gold prices since October 2025.

US spot gold prices slid 5.7% to $5,104.6 an ounce before trimming losses. From a record high near $5,595, the metal is now down about 8%. Spot gold price was 1.5% lower at $5,334 an ounce at the time of writing this report. US gold futures for February delivery remained around 2% lower.

At the same time, US spo...