International gold rates plunged sharply to around $5,135 today while silver fell to $109, wiping out over $3 trillion in market value in 90 minutes, research shows.
The volatility followed a roughly 90 percent rise over the past year, fueled by geopolitical tensions, a weaker US dollar, and sustained central bank buying. The sharp pullback was attributed to profit-taking across markets.
Silver prices fell more than 10 percent, while risk assets also came under pressure. S&P 500 futures declined 1.2 percent and Nasdaq futures dropped 2.5 percent.
At the time of writing, Silver had lost $760 billion in market cap while nearly $4 billion was wiped off gold. Cummulatively, this is more than Bitcoin’s entire market cap to date.
Despite the retreat, gold remains sharply higher on a year-to-date basis, with investors closely watching for potential rebounds amid elevated market volatility.
Several traders on X (formerly Twitter) are commenting that the current situation for gold, silver, and Bitcoin is pretty intense.
Meanwhile, US equities closed lower on Thursday, led by a sharp selloff in Microsoft shares as investors digested the company’s latest earnings alongside the US Federal Reserve’s interest rate decision.
The S&P 500 fell around 1 percent, while the Nasdaq Composite declined 1.6 percent. The Dow Jones Industrial Average edged down 21 points, or 0.1 percent.
Microsoft weighed heavily on the broader market, plunging 12 percent, its steepest single-day drop since March 2020, after the company reported slower cloud revenue growth in the fiscal second quarter and issued weaker-than-expected operating margin guidance for the fiscal third quarter.
