After Hitting a High, Gold Price Plummeted in Early February 2026

The global gold price has risen significantly in recent years.

According to Investing.com data, in January 2019, the average gold price in the global spot market was still US$1,320 per troy ounce.

After that, the price fluctuated in a sharp upward trend, reaching an average of US$4,865 per troy ounce in January 2026, a new all-time high.

However, the price is now weakening. As of February 1, 2026, the average gold price in the spot market has dropped to US$4,563 per troy ounce, a decrease of about 6% month-on-month.

But, compared to a year ago, the average gold price on February 1, 2026, is still about 60% higher year-on-year.

According to the Gold Outlook 2026 report from the World Gold Council (WGC), the gold price in 2026 could potentially be volatile.

The WGC estimates that the gold price could rise moderately if economic growth slows and interest rates fall. The rise in gold prices could be stronger if global risks increase.

On the other hand, the gold price could be pressured if there is an acceleration in economic growth, reduced geopolitical risks, rising interest rates, and a strengthening of the US dollar exchange rate.

"Gold’s outlook for 2026 is being defined by the uncertain economic environment that investors currently face. And, just like 2025, the upcoming year may bring significant volatility across financial markets," said the WGC in its report.

"Despite the plausibility of a bearish scenario, it is likely that investors will maintain some exposure to gold given the unpredictability of current geoeconomic dynamics," they said.