Goldman Sachs

Money Moves

Bullish on gold, raising forecasts

Gold pulled back sharply to $4,902.85 per ounce on January 31, 2026, after profit-taking triggered a 9% single-day decline on January 30 from the record $5,594.82 high reached January 29. Despite the correction—which saw prices slide more than 7% to below $4,980—gold remains on track for a monthly gain exceeding 15%, its strongest performance since the 1980s. The U.S. dollar continued its freefall, breaking below 97.0 to reach 95.5, a four-year low, after the New York Federal Reserve conducted a rare "rate check" with currency traders that accelerated selling pressure. The dollar's share of global reserves fell to 58.2%, a new low since 1995, with central banks net selling $48 billion in dollar reserves during January alone.

Updated Jan 31