Why did gold spike to a record and then fall so fast today?

A weaker dollar and strong official demand helped lift prices toward $5,598/oz. Sentiment flipped as the dollar rebounded on expectations of a steadier Fed stance, prompting profit-taking. That pushed gold down about 11.7% to roughly $4,942. Quick shifts in USD and real yields often drive such sharp intraday reversals.

How does USD/INR impact my local gold price in India?

Domestic quotes reflect global bullion and the exchange rate. If the dollar strengthens against the rupee, Indian prices can rise even when international gold price is flat. Import duty, GST, and making charges then add to the final bill. Track spot, USD/INR, and city-level premiums together before you buy.

What should I track daily on my gold rate chart?

Start with spot and MCX futures, then add the dollar index, USD/INR, and real yields. Check ETF holdings and MCX open interest for positioning clues. Mark key supports and resistances, set alerts, and watch bid-ask spreads. Confirm moves with volume so you avoid chasing rallies or selling into late-stage dips.

Is it a good time to buy gold in India after the big swing?

Rather than guessing the exact bottom, consider staggered purchases. Map supports on daily and weekly charts, then phase entries near those zones. Use low-cost, liquid products like ETFs or Sovereign Gold Bonds. Keep sizes modest, review after major US data, and adjust if USD strength changes the trend.

Global Market Insights

Gold Price Today, February 1: Record Surge Whipsaws as Dollar Rebounds

ByHuzaifa Zahoor February 1, 2026February 1, 2026

Indian investors tracking the gold rate chart woke to a wild session. International gold price spiked to a record near $5,598/oz, then slid 11.7% to about $4,942 as the dollar rebounded on hopes Kevin Warsh could steer a steadier Federal Reserve. Central bank gold buying by China and India, plus geopolitics, kept support under prices. In India, rupee moves, import duties, and wedding-season demand shape local quotes. We explain the drivers, what to watch next, and a simple plan to manage entries and risk.