Gold price today falls about 3.5% as traders digest a sharp pullback

Gold prices were lower late Sunday, sliding several percent in a volatile session that extended a recent pullback from record territory. As of 10:37 p.m. ET on Feb. 1, 2026, spot gold was trading around $4,720 per ounce, down roughly 3.5% on the day, after swinging through a wide range.

The move matters because gold’s rally over the past year has been driven by tight, crowded positioning and headline-sensitive macro catalysts. When the market turns, it often does so quickly—especially when the U.S. dollar firms and real yields rise, pressuring non-yielding assets like bullion.

Gold price today: spot slides in late trading

Here is a snapshot of key gold benchmarks late Sunday (all prices in USD, per troy ounce; “approx.” indicates rounding):

Spot and futures can diverge intraday, particularly around liquidity pockets and contract roll dynamics, so it’s normal to see different day-to-day percentage changes even when both markets point in the same general direction.

What’s driving the drop

Gold’s late-weekend slide fits a familiar pattern: when the U.S. dollar strengthens or interest-rate expectations shift higher, gold often struggles because holding bullion does not generate income. In practical terms, a higher “cash return” available in short-term instruments can pull marginal demand away from metals, especially for traders with shorter time horizons.

Volatility has also been elevated. A session that spans nearly $300 from low to high is a reminder that the market has been trading “fast,” with sharp momentum bursts and quick reversals. That kind of tape tends to punish late entrants on either side, and it can amplify moves when stop-loss levels are triggered.

Key levels traders are watching

Two zones stand out after a session like this:

• Support near the lower end of the day’s range (around $4,586): If spot revisits that level and holds, it can become a reference point for dip-buying and short-covering.

• Resistance near the upper end of the day’s range (around $4,885): If spot struggles to reclaim that area, it suggests sellers are still active on rebounds.

Beyond the daily levels, the broader 12-month context remains dramatic: a 52-week high near $5,595 and a 52-week low near $2,772. That wide band underscores how sensitive the market has been to macro shifts and how quickly sentiment can change.

Spot vs futures: why prices can differ

Many “gold price today” quotes refer to spot, which reflects immediate delivery pricing in wholesale markets. Futures pricing reflects the cost of delivery at a specified date and can embed expectations for funding, storage, and near-term positioning.

When futures sit above spot, that can reflect normal carry costs or stronger demand for leveraged exposure. When futures trade closer to spot—or even below—traders often interpret it as a sign that near-term demand is softer, or that financing and positioning conditions are shifting.

For everyday tracking, the important takeaway is simple: spot is the cleanest “metal price,” while futures may better reflect how large trading desks are positioning for the next several weeks.

What could move gold next

The next meaningful catalyst usually comes from observable macro inputs:

• Interest-rate expectations: Any repricing in the expected path of policy rates can quickly push gold up or down.

• Dollar direction: Sustained dollar strength tends to weigh on bullion, while dollar softness can provide relief.

• Risk sentiment: When markets lean into “risk-on,” gold sometimes cools; when uncertainty rises, gold can catch a bid—though not always immediately.

• Positioning and liquidity: After big runs, even small triggers can cause outsized moves if the trade becomes crowded.

If gold stabilizes above the session low and volatility compresses, traders may treat the recent drop as a reset rather than a trend change. If downside pressure continues alongside firm rates and a firm dollar, the market may look for a deeper base before attempting another push higher.

Sources consulted: LBMA, CME Group, MarketWatch, Bloomberg