During trading on January 30, gold and silver prices plunged sharply, posting their steepest decline in many years, Bloomberg reports.
Gold fell by more than 10% over the course of the session, dropping below the $5,000-per-ounce mark. It marked the largest intraday decline since the global financial crisis of 2008. According to Bloomberg, the market has not seen a one-day collapse of this magnitude since the early 1980s.
Silver lost more than 26%, recording a record single-day drop. As a result, the metal is trading near $76 per ounce.
The sharp decline followed earlier in the session, after both metals had reached new record highs.