Gold sinks 7% on January 29, 2026, from $5,500 to $5,119, wiping $3.7 trillion

After doubling in just over two years and gaining 27% early in 2026, gold fell 7% on January 29, dropping from $5,500 to $5,119. With an estimated 216,265 tonnes above ground, its total value slid from about $38.37 trillion to $35.71 trillion by January 30; crypto and silver also declined.