PANews reported on January 31 that a sudden sell-off occurred in the precious metals market, with spot gold prices falling by more than 12% at one point, hitting a low of $4,682 per ounce, marking the largest single-day drop since the early 1980s. At the close, spot gold was down 9.25% at $4,880 per ounce.

Spot silver once plummeted by more than 36%, marking its largest intraday drop in history, hitting a low of $74.28 per ounce. At the close, spot silver was down 26.42% at $85.259 per ounce.