Global financial markets witnessed a significant correction on Monday, February 2, 2026, as both precious metals and energy sectors faced sharp selling pressure.
Investors are pivoting away from safe-haven assets following signals of easing geopolitical tensions and shifts in U.S. monetary policy expectations.
The price of gold experienced one of its most dramatic single-day declines in recent months. After a period of record-breaking highs, the yellow metal fell by over 3% during active trading sessions.
Gold dropped by $172, bringing the current trading level to $4,721 per ounce.
Analysts attribute this “brutal selloff” to heavy profit-taking. This follows the nomination of a more hawkish Federal Reserve chair, which has strengthened the U.S. dollar and reduced the appeal of non-yielding assets like gold.
Energy Sector: Crude Oil Prices Slide
Mirroring the downturn in the metals market, the energy sector also saw a retreat. Crude oil prices fell by approximately 4% today as fears of a supply disruption in the Middle East began to subside.
The international benchmark is currently trading at $67 per barrel.
The U.S. benchmark has dipped to $63 per barrel.
Prices plummeted after U.S. President Donald Trump indicated a willingness to engage in negotiations with Iran, effectively removing the “war premium” that had recently bolstered oil prices.
