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GOLD fell, extending its biggest plunge in more than a decade, as precious metals snapped back from a record-breaking rally that had run too far, too fast. Silver also slumped.

Spot gold dropped as much as 4% in early trading on Monday, while silver fell by a similar percentage to hold above $80 an ounce, having briefly dropped as far as 12%. The white metal recorded its biggest ever intraday decline in the previous session.

“This isn’t over,” said Robert Gottlieb, a former precious metals trader at JPMorgan Chase & Co. and now an independent market commentator. “We’ve got to see if it’s going to find support. The bottom line is that the trade was way too crowded.”

Over the last year, precious metals have risen to all-time highs that have shocked even seasoned traders. The rally accelerated sharply in January, as investors piled into gold and silver on renewed concerns about geopolitical upheaval, currency debasement and the independence of the Federal Reserve.

The trigger for Friday’s dramatic selloff was the news that US President Donald Trump would nominate Kevin Warsh to lead the Fed, which sent the dollar higher and undercut sentiment among investors who had bet on Trump’s willingness to let the currency weaken. Traders regard Warsh as the toughest inflation fighter among the final candidates, raising expectations of monetary policy that would underpin the dollar and weaken greenback-priced bullion.

But precious metals had already been primed for extreme moves, as soaring prices and volatility strained traders’ risk models and balance sheets. A record wave of purchases of call options — contracts which give holders the right to buy at a pre-determined price — had “mechanically reinforcing upward price momentum,” Goldman Sachs Group Inc. said in a note, as the sellers of the options hedged their exposure to rising prices by buying more.

Gold fell 2.2% to $4,784.54 an ounce as of 8:05 a.m. Singapore time. Silver slid 2.1% to $83.30. Platinum and palladium declined. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat after gaining 0.9% in the previous session. –BLOOMBERG

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SOLARVEST Holdings Bhd orderbook is poised to exceed RM2.5b level – its highest on record – by end-FY26F, anchored by c.RM1b potential Engineering, Procurement, Construction, and Commissioning (EPCC) upside from its 470MW LSS5+ project with Malakoff Corp Bhd. Solarvest’s net profit margin is set to remain stable at ~10% level in FY26F, supported by favourable solar panel procurement locked in under its large blanket order during the sharp panel price correction of 48.7% (2024-1H25), effectively insulating margins from near term price volatility. Our FY26-28F earnings forecasts adjusted higher by 46.5% on average, to better align with the ongoing EPCC project schedule, higher outstanding orderbook and steady profit margin. Upgrade to Buy with sum-of-the parts-derived target price increased to RM3.24. – BIMB Securities Sdn Bhd (Jan 28, 2026)

(Calls by analysts tracked by Bloomberg: 7 Buy, 2 Hold, 0 Sell; Consensus target price: RM3.36)

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BERMAZ Auto Bhd has set a constructive tone heading into 2026, underpinned by an expanded and refreshed product pipeline that we believe could reshape its sales trajectory. Mazda’s recovery is gaining traction, with c.3,000 outstanding bookings (c.32% of prior FY26 unit assumptions) led by the CX-60 and Mazda3. XPeng provides visible, inventory-backed volumes with the G6 model refresh and pipeline mitigating post-completely built-up volatility. We raised our earnings forecasts by 41%/48%/46%, following upward volume revisions, supported by Mazda order backlogs covering c.23% of FY26 sales assumptions and XPeng’s inventory-backed delivery visibility. We upgrade to Hold (from Sell) with a higher target price of 80 sen (from 50 sen), based on its forward price earnings ratio mean of 10.0x on revised FY27F earnings per share of 8.03 sen. – APEX Securities (Jan 27, 2026)

(Calls by analysts tracked by Bloomberg: 3 Buy, 5 Hold, 6 Sell; Consensus target price: 65 sen)

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FOREIGN investors remained net buyers for a third consecutive week while local institutions returned to net buying on the domestic equity market for the week ended Jan 23.

The top net buys among foreign investors during the week were Malayan Banking Bhd, Press Metal Aluminium Holdings Bhd, Public Bank Bhd, IJM Corp Bhd and RHB Bank Bhd.

Meanwhile, local institutions were net buyers of Press Metal, IHH Healthcare Bhd, Hong Leong Bank Bhd, CIMB Group Holdings Bhd and Sunway Bhd.

Foreign investors recorded RM510.9 million in net inflows, moderating from RM716.1 million in the previous week but remaining supportive of overall market liquidity, according to MBSB Research’s fund flow report for the week ended Jan 23.

Over the same period, local retailers were net sellers for the eighth consecutive week, with net outflows totalling RM1.36 billion.

The most actively sold counters by local retailers were Press Metal, Airasia X Bhd, Maybank, Public Bank and Mr DIY Group (M) Bhd. –TMR

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GOLD rose to a record high — and silver was near an all-time peak — as the worsening crisis over Greenland and a meltdown in Japanese government debt supported haven demand.

US President Donald Trump, who is in Switzerland for the World Economic Forum at Davos, showed no signs of backing down on his intention to take the Arctic island. Greenlands’s prime minister told people to prepare for a possible military invasion, although he said it was an unlikely scenario. Spot gold touched $4,781.19 an ounce. 

The US has threatened to put tariffs on eight European nations — including Germany, France and the UK — that have opposed his plan to take over Greenland, raising the specter of a damaging trade war. French President Emmanuel Macron attacked Trump’s trade policy, saying Europe needed to develop more sovereignty to avoid “vassalization and blood politics,” while Canadian Prime Minister Mark Carney said the rules-based international order was effectively dead.

The war of words in Davos underscored how quickly the relationship between traditional allies the US and Europe has deteriorated, rattling financial markets, pushing down the dollar and boosting demand for havens like precious metals.

A meltdown in the Japanese sovereign debt market also highlighted worries about the fiscal situations of major economies, a phenomenon that’s fueled the so-called debasement trade where investors avoid currencies and government bonds. 

The situation in Japan is spurring “fear of market-led debasement in the rest of the world,” Daniel Ghali, a senior commodity strategist at TD Securities, said in a note. “Gold’s rally is about trust. For now, trust has bent, but hasn’t broken. If it breaks, momentum will persist for longer.”

Spot gold rose 0.3% to $4,775.40 an ounce as of 7:59 a.m. in Singapore, while silver added 0.3% to $94.8940. The Bloomberg Dollar Spot Index lost 0.1% after falling 0.5% over the previous two sessions. Platinum edged lower, while palladium was flat. –BLOOMBERG

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