Gold prices plunge, what's the price today
Photo: Gold prices have begun to fall (flickr com)
Gold prices continue to fall on January 16. The reasons for this are stronger-than-expected US economic indicators and the easing of protests in Iran, according to Reuters.
Gold prices and what influences them
The spot price of gold fell 0.3% to $4,603 per ounce.
At the same time, analysts expect the metal to rise by about 2% during the week after hitting a record high of $4,642 on Wednesday.
"There was a lot of momentum in the (gold) market, which seems to have faded slightly at the moment....the economic news flow out of the US has been causing some headwinds rather than tailwinds as of late, which is reflected in a somewhat stronger US dollar," one analyst explains.
The US dollar hovered near a six-week high after data showed a decline in jobless claims to 198,000, below the forecast of 215,000.
A stronger dollar makes gold more expensive for foreign buyers, and the easing of protests in Iran has reduced demand for the safe-haven metal.
Demand for gold in India remained low this week due to high prices, while in China it was stable ahead of the Lunar New Year.
Prices for other precious metals:
- Silver also lost value, with the spot price falling 1.1% to $91.33 per ounce, although it is expected to rise more than 14% for the week after hitting a historic high of $93.57.
- Platinum fell 2.7% to $2,345 per ounce.
- Palladium lost 2.6% to $1,755 after hitting a low in more than a week.
Record metal prices
On January 12, gold and silver prices soared to record highs as the US Department of Justice threatened the Federal Reserve with criminal charges, raising concerns about its independence.
Another factor contributing to the price increase was the deadly protests in Iran, which increased the appeal of precious metals as a haven due to the possibility of the Islamic Republic being overthrown.
On January 14, the price of silver rose to a peak of $91.37 per ounce (28.35 grams), which is 5.83% higher than previous figures.
At the end of December 2025, the price of gold also set a new historical high, demonstrating the best annual growth in the last four decades.
At the same time, silver also updated its record price indicators.
