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Gold set for steepest daily drop
Business World Philippines
|February 02, 2026
GOLD fell on Friday and was headed for its steepest daily fall since 1983 after US President Donald J. Trump announced his choice for Fed chair, while silver slumped nearly 30% and was poised for its worst day on record.
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Spot gold dropped 9.5% to $4,883.62 per ounce at 1:57 p.m. ET (1857 GMT) after prices climbed to a record peak of $5,594.82 on Thursday.
US gold futures for February delivery settled 11.4% lower at $4,745.10.
The selloff, described by analysts as profit taking, also pressured other precious metals.
Dit verhaal komt uit de February 02, 2026-editie van Business World Philippines.
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