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Gold futures settle sharply lower amid profit booking

31 Jan 2026 Evaluate

Gold futures settled sharply lower on Friday as traders booked profit after recent gains. The strengthening of the US dollar also added pressure on precious metal prices. Producer price data pushed the U.S. dollar higher. The Bureau of Labor Statistics data revealed that month-on-month producer prices rose 0.5% in December 2025, the largest gain in three months, accelerating from a 0.2% increase in November.

Gold futures for February delivery down by $438.80 or 8.25% to $4,879.60 an ounce on the Comex division of the New York Mercantile. Spot gold plunged by $481.01 or 8.95% to $4,894.23 an ounce.

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