In late January, the gold price reached an all-time peak of around US$5,500 (£4,025). January 30 saw one of the largest one-day falls in prices, which sank by nearly 10% after hitting a record high only the day before.
This was a dramatic about-turn, from a bullish gold market that rose by more than 300% in the last decade, over 150% in the last five years and (perhaps more pertinently) by 75% since US president Donald Trump’s “liberation day” tariffs announcement. To make sense of it, we need to understand some of the factors that led to the rise.
