Gold rate today, Feb. 1 -- Gold prices, which had maintained an uninterrupted run over the past year, took a sharp nosedive in recent sessions, marking one of the biggest crashes in recent history. Investor sentiment toward the safe haven was hit amid concerns over a firm US dollar and the nomination of Kevin Warsh as the next Federal Reserve chairperson.

During the Friday's session, gold prices on MCX tanked nearly Rs.20,000 per 10 grams to Rs.1,49,653. Prior to the crash, gold had climbed almost 25% since the beginning of January, but the sell-off erased the majority of those gains, bringing its monthly return to 10.5%, while still maintaining an 8-month bull run.

Even after the sharp crash, gold prices extended their losing streak du...