30.01.2026 08:51
Gold prices fell by more than 4% today following rumors that U.S. President Donald Trump may appoint a hawkish figure to the Fed chairmanship. Spot gold traded at $5,183.21 per ounce, down 3.9%. During the day, the loss reached 5%.
Gold and silver prices started the week with a sharp decline after reaching historic peaks a day earlier. The strong rally that has been ongoing since the beginning of the year led investors to take profits, putting pressure on precious metals.
The spot gold price fell by more than 4%, dropping to $5,112.86 per ounce. In the morning hours, the decline was at 3.2%, with gold trading at $5,224.19 per ounce. Despite the pullback, gold maintains an increase of approximately 21% since the beginning of the year.
CORRECTION MAY EXTEND TO $5,000
Market analysts indicate that technical indicators suggest the downward movement may continue for a while longer. According to evaluations, the correction movement that started at $5,595 could extend to the level of $4,963. In upward movements, the $5,265 level stands out as the first strong resistance. If this level is surpassed, the $5,336–$5,451 range is monitored as the new target area.
Ed Yardeni, President of Yardeni Research, stated that a pullback towards $5,000 and a horizontal movement at this level should be considered normal within a bull market. Yardeni emphasized that the most remarkable situation is gold's rise from $3,000 to $5,500 with almost no correction.
FED EXPECTATIONS AND DOLLAR IMPACT
KCM Chief Trading Analyst Tim Waterer expressed that the possibility of a less dovish Fed chair has triggered a recovery in the dollar and a decline in overbought conditions. The announcement by U.S. President Donald Trump that he would reveal the name of the person who will replace Fed Chair Jerome Powell today also increased selling pressure in the markets.
StoneX Senior Analyst Matt Simpson noted that rumors about Kevin Warsh becoming Fed chair have particularly put pressure on gold during Asian trading.
SHARP PULLBACK IN SILVER AS WELL
Silver prices also took a hit from the selling wave. The price of silver fell by over 5%, dropping to $111.24 per ounce. Nevertheless, silver maintains a 56% increase since the beginning of the year.
GRAM GOLD HAD EXCEEDED 8,000 LIRA
The sharp rise in the price of gold per ounce had previously reflected in the domestic market, with the physical gram gold selling price at jewelers in the Grand Bazaar reaching a record high of 8,030 lira.