COMEX gold falls below $4,840 per ounce, down 3.38% intraday.

COMEX gold fell below $4,840 per ounce on Monday, marking an intraday decline of 3.38% amid heightened inflation concerns and a stronger U.S. dollar. The drop followed a broader selloff in precious metals, with spot gold settling at $4,877.87 an ounce earlier in the week as rising energy prices intensified worries about persistent inflation. The dollar’s advance, which made bullion more expensive for non-U.S. buyers, compounded downward pressure on prices, particularly during thin holiday trading conditions as much of Asia observed the Lunar New Year according to market analysis.

The decline reflects continued volatility in gold markets, which have swung sharply since January, when prices peaked above $5,595 before retreating to near $4,400 within two days. Analysts attributed the recent weakness to investors unwinding safe-haven positions and taking profits after months of robust demand, especially in China and India, where physical bullion imports hit near-record levels in January. However, several major banks, including BNP Paribas and Goldman Sachs, remain bullish on gold’s long-term prospects, citing enduring structural factors such as inflationary pressures and geopolitical risks.

Silver mirrored gold’s downward trend, plunging as much as 6% intraday, while North American gold miners also saw shares decline. Market participants noted that liquidity constraints during the holiday period could amplify short-term swings, though the path for gold remains uncertain as traders weigh inflation dynamics against potential dollar weakness.