Gold Prices Drop 2.3% on Profit Taking, Geopolitical Tensions Ease

Gold fell 2.3% to $1,798.50 per ounce on February 5, 2026, as traders took profits and signs of easing geopolitical tensions reduced risk premiums. The New York Mercantile Exchange's COMEX division led the decline, with a 3.1% drop in electronic trading volume. Background: The Shanghai-Nikkei 225 closed higher on the same day, and the U.S. dollar index reached a two-week low against a basket of currencies, reflecting broader risk-on sentiment.