Mumbai, January 29: The global gold market witnessed an unprecedented reversal on Thursday, January 29, as the gold rate plummeted by 8.7% from its all-time peak. Just hours after hitting a historic high near USD 5,600 per ounce, a massive sell-off wiped out nearly USD 3.4 trillion in market value from total global gold holdings. This sudden fall in the gold rate was triggered by a "contagion effect" originating in the US technology sector. Gold Rate Today, January 29, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities. Price of Gold Today: Check What Baba Vanga Predicted About Gold Rate.