COMEX gold falls below $5,040 per ounce, down 2.39% intraday.

COMEX gold falls below $5,040 per ounce, down 2.39% intraday.

COMEX gold prices declined sharply on March 8, 2026, falling below $5,040 per ounce, a 2.39% intraday drop, reflecting renewed volatility in the precious metals market. This follows a broader pattern of fluctuation, with prices previously dropping over 4% in a 30-minute window on February 12, 2026, when gold fell below $4,900 per ounce. Recent trading activity has seen the front-month contract settle at $5,065.30 on March 5, marking a 1.07% decline from the prior session.

The current downturn adds to a year of mixed performance for gold. While the metal has surged 73.67% from its 52-week low of $2,891 hit in March 2025, it remains 4.76% below its record high of $5,318.40 reached in late January 2026. Analysts and traders have noted the asset's heightened sensitivity to macroeconomic developments, with one Reddit user linking a prior $100-per-ounce drop to shifts in AI sector investments.

Despite short-term turbulence, gold has maintained an upward trajectory over the past 18 months, rising 226% since 2022 according to user comments on Asian News Hub. However, technical indicators suggest ongoing uncertainty, with some observers warning of further declines if key support levels break. Year-to-date, the metal remains up 17.10%, underscoring its dual role as both a hedge and a speculative asset in an evolving market environment.

Asian News Hub, February 12, 2026: Asian News Hub, February 12, 2026
Reddit, r/EconomyCharts, March 2026: Reddit, r/EconomyCharts, March 2026
Morningstar/Dow Jones, March 5, 2026: Morningstar/Dow Jones, March 5, 2026