Analyst: Precious Metals Party Over, Seen as Unrepeatable

Per Bitget market data, spot gold rallied back to $4,900 an ounce on January 31, climbing more than $200 from its daily low.

**Spot Gold Heads for Largest 1-Day Drop Since 1983; Silver Poised for Worst-Ever Single-Day Performance** Jan 31 (Friday) — Spot gold prices are sliding, on track for their biggest one-day decline since 1983, as the U.S. dollar rallies following former President Trump’s announcement of his pick for the next Federal Reserve chair. Silver, meanwhile, is set for its worst single-day performance on record. Analysts call the sell-off “profit taking,” which has also pressured other precious metals. Sukhi Cooper, head of commodities research at Standard Chartered Bank, says the sell-off stems from a mix of triggers: the Fed chair appointment and broader macro fund flows. “Combined impacts from the dollar’s trend and expected real yields are driving this profit-taking behavior,” she added. (Source: FX168)

January 31 — Bitget market data shows spot silver extended its slide, plunging 30% intraday and nearing the $80-per-ounce mark. Other precious metals also saw sharp losses: spot platinum tumbled over 20%, spot palladium dropped roughly 15%, and spot gold slid more than 10%.

As of January 31, per GMGN market data (link: https://gmgn.ai/base/token/i_m4TE56o8_0xb695559b26bb2c9703ef1935c37aeae9526bab07), the Base ecosystem meme coin MOLT has surged to a new all-time high market cap of $62 million. Current reported market cap stands at $54.46 million, with a 24-hour gain of 5910%. BlockBeats Note: Meme coins are highly volatile, driven heavily by market sentiment and hype, with no inherent value or use case. Investors should be aware of associated risks.

On the morning of January 31, Binance founder CZ hosted an English AMA at Binance Square to address recent FUD targeting Binance from the community. Below are BlockBeats’ key takeaways from CZ’s remarks: - Trump’s tariff announcement sparked a market downturn on October 11. This was not caused by any issues with Binance’s system or actions taken by Binance. Binance does not trade to profit from buying/selling cryptocurrencies, so it did not dump assets to intentionally suppress prices. The so-called “Bitcoin price manipulation” would require taking on hundreds of billions of dollars in risk—and no entity globally has that capacity. Binance is currently regulated and cannot engage in any violations. - Forbes reporting a $920 billion net worth does not mean I have that much cash on hand. I have not cashed out any company stock personally, nor sold cryptocurrency for fiat. I believe fiat depreciates long-term, so I prefer holding Bitcoin, BNB, and similar assets. - Some claim a s

On Jan. 31, Trump said the U.S. is sending more naval vessels to areas near Iran. He noted Iran should strike a deal, adding that if it doesn’t, “we’ll see what happens.”