Gold sinks deeper into bear market territory as sell-off extends
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Gold extended its slide, deepening its grip in bear market territory as investors continued to unwind positions and a strong dollar sapped demand.
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In this article @GC.1 XAU= Follow your favorite stocks CREATE FREE ACCOUNT Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery in Vienna, Austria, on Feb. 3, 2026. Georg Hochmuth | AFP | Getty Images Gold extended its slide on Tuesday, deepening its bear market phase, as investors unwind positions, with a stronger U.S. dollar and elevated Treasury yields reducing the yellow metal's allure. Spot gold prices declined 2% before paring losses to 1% to $4,335.97 per ounce. Gold futures for April delivery also cut losses and were last down over 1% at $4,358.80 per ounce. Spot silver was down more than 3% to $66.93 per ounce, while futures were 2.61% lower at $67.54. The dollar index, which measures the strength of the greenback against a basket of currencies, was up 0.5% on Tuesday. A stronger dollar reduces greenback-priced bullion's appeal by making it more expensive for holders of other currencies. U.S. President Donald Trump on Monday said he had ordered a 5-day pause on planned strikes against Iran's energy infrastructure following what he described as "productive" discussions with Iranian officials. He later told CNBC's Joe Kernen that "we are very intent on making a deal with Iran," signaling that the war could end soon. Gold prices since the start of the year However, Iranian state media pushed back on that account, citing a senior security official who said no direct or indirect talks had taken place between Washington and Tehran. Spot gold has now lost over 22% since hitting a record high of $5,594.82 per ounce at the end of January, with the precious metal losing almost 10% last week in its worst showing since September 2011. Market watchers attributed the decline to a mix of macro and positioning-driven factors. "Although gold initially gained due to safe haven demand at the start of the conflict, prices have recently pulled back," said Rajat Bhattacharya, senior investment specialist at Standard Chartered. "We see this pa...
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