Gold Slips to $5,300, Silver Retreats as Rally Enters “Dangerous Phase” Amid Dollar Rebound

Gold fell to $5,300/oz on January 29, 2026, retreating from a $5,600 intraday peak, while silver pared gains after hitting $120/oz. The pullback coincided with a Nasdaq drop of up to 2%, triggered by Microsoft’s earnings miss and rising capex concerns. The dollar rebounded from 2022 lows, halting the precious metals’ parabolic rally. Saxo Bank’s Ole Hansen warned the surge is entering a “dangerous phase,” citing self-feeding volatility and thinning liquidity. Gold is up 20% YTD; silver, 42%. Goldman Sachs maintains a $5,400 year-end target, citing private investor inflows. JPMorgan noted silver has overshot forecasts but cautioned against calling a top amid momentum-driven trading. Fed’s dovish hold and Powell’s comments had earlier fueled dollar weakness.