Ahmed Kamel – Egypt Daily News
Global gold markets were rocked by extraordinary volatility over the past 24 hours, as the precious metal recorded one of the sharpest and most dramatic swings in its modern trading history, wiping out trillions of dollars in market value before staging a partial recovery.
Gold prices plunged by more than 10 percent late on Friday, January 30, 2026, marking the steepest single-day decline in decades. During the height of the sell-off, spot prices fell to around $4,800 per ounce, as heavy liquidation swept through futures and physical markets alike.
The turbulence followed what traders have already dubbed “Black Thursday,” when gold registered the largest one-day change in market capitalization ever recorded. According to market estimates, total fluctuations in gold’s market value during Thursday’s trading session reached approximately $5.5 trillion, reflecting an unprecedented surge in volatility and speculative activity.
The most violent phase of the sell-off occurred within a narrow time window. Between 5:30 p.m. and 6:25 p.m. Riyadh time, gold is estimated to have lost around $3.2 trillion in market value equivalent to roughly $58 billion per minute, highlighting the intensity of the panic-driven selling that briefly overwhelmed the market.
Prices later rebounded sharply, underscoring the scale of uncertainty gripping investors. From 6:25 p.m. until midnight, gold regained an estimated $2.3 trillion in market value, as bargain hunters and algorithmic trading systems stepped in. Over a span of just six and a half hours, the total value of market movement exceeded three times the entire market capitalization of Bitcoin, averaging close to $850 billion per hour.
Market analysts attribute the extreme swings to a convergence of factors, including aggressive profit-taking after gold’s prolonged rally, sudden shifts in interest rate expectations, and large-scale repositioning by institutional investors. Heightened geopolitical uncertainty and speculation over central bank policies also amplified trading volumes, while leveraged positions accelerated price movements once key technical levels were breached.
Some observers point to the growing role of high-frequency and algorithmic trading in magnifying short-term volatility, particularly in markets traditionally viewed as safe havens. Others argue that the scale of the move reflects a broader reassessment of gold’s role amid evolving inflation dynamics, currency fluctuations, and changing demand from central banks.
Despite the violent sell-off, several analysts cautioned against interpreting the episode as a definitive reversal of gold’s long-term trend. They noted that such extreme volatility often accompanies major inflection points and does not necessarily undermine gold’s status as a hedge against systemic risk.
As markets digest the shock, investors are bracing for continued turbulence in the days ahead. With confidence shaken and liquidity tested, gold’s historic swing serves as a reminder that even the world’s most established safe-haven assets are not immune to sudden and dramatic repricing in an era of fast-moving capital and heightened uncertainty.
