Gold Rate Today, Feb. 1 -- The yellow metal prices slumped more than 12% to below $5,000 an ounce in its biggest daily decline since the early 1980s. Spot gold price closed 8.9% lower at $4,894.23 an ounce in New York. Silver price plunged 26% to settle at $85.20 an ounce.

MCX gold rate cracked by Rs.33,113, or 18%, to close at Rs.1,50,849 per kg on Friday, while MCX silver rate slumped by Rs.1,07,971, or 27%, to Rs.2,91,922 per 10 grams.

The global selloff was triggered by investors booking profits after a surge in the US dollar following US President Donald Trump's nomination of former Federal Reserve Governor Kevin Warsh as replacement of chair Jerome Powell.

Notably, in 2025, gold recorded its best bull run since 1979, surging over...