The post Gold slumps over 3% from $5,600 peak as tech rout sparks profit-taking appeared on BitcoinEthereumNews.com.

Gold (XAU/USD) plummets more than 3% on Thursday amid the lack of a catalyst that has pushed Silver’s down, copper prices retreating, and six of the Mag 7 equities getting hammered during the North American session. XAU/USD trades at $5,266 after reaching a record high near $5,600. Bullion retreats sharply as equities sell off, commodities weaken, and traders lock in gains after record highs As of writing, shares of Microsoft (MSFT), Tesla (TSLA), NVIDIA (NVDA), Amazon (AMZN), Apple (AAPL) and Alphabet (GOOGL) are dropping sharply. Fears of an AI bubble reignited, driven by poor earnings reports by MSFT, whose shares are plunging 12%. On Wednesday, the Fed maintained the status quo, keeping rates unchanged after revealing an improvement in the labor market. Regarding inflation, they said that it remains elevated and sticks to its data-dependent and meeting-by-meeting approach. Fed Chair Jerome Powell was questioned about his views on White House actions and declined to answer, saying his job is with the American people and that reporters should ask about economics. In that regard, he expects solid economic growth, and that the risks of a jump in the unemployment rate diminished, but not so high prices Earlier, US Initial Jobless Claims rose from 210K to 209K in the week ending January 24, exceeding forecasts of 205K Gold Price Forecast: Technical outlook Gold retreated to a daily low below $5,100 before making a U-turn and recovered towards $5,300. The Relative Strength Index (RSI) has moved from around 89 to 79, an indication that some traders are booking profits. If XAU/USD extends its losses below $5,100, traders should look at $5,000 as the next line of defense for buyers. Gold Daily Chart Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of…

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Filed under: News - @ January 29, 2026 6:28 pm