What's behind gold's plunge?

Summary

Marketplace Morning Report Summary

Episode: What's behind gold's plunge?
Date: February 2, 2026
Host: Nick Qureshi (BBC World Service for Marketplace)
Correspondents: Nick Marsh, Suranjana Tiwari
Featured Guests: Tamon Miyake (Waseda University), Hidenori Fujiwara (Fujitsu)

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Episode Overview

This episode spotlights a dramatic plunge in global gold prices after a historic rally, examining the economic and political drivers behind this correction. The report also covers the latest movements in global markets, technological advances responding to Japan’s aging population, and a quick note on celebrity tax payments in the UK.

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Key Discussion Points & Insights

1. Gold’s Sudden Plunge: What Happened?

[01:48–04:21]

• Recent Price Movements:

  • Gold experienced its "biggest drop in more than a decade" with a 10% slide, mirrored by volatility in silver.
  • Both metals had risen for the past two years due to "lower interest rates, a weak US dollar and global uncertainty."

• Catalysts for the Drop:

  • President Trump’s confirmation of Kevin Walsh as the new Federal Reserve chair signaled possible shifts in monetary policy.
    • This appointment led markets to expect "interest rates might not go down as much as previously expected," which strengthened the US dollar and attracted capital away from gold.
    • Walsh is regarded as a "safe pair of hands" likely to "preserve the independence of the Federal Reserve."
  • Anticipation of some form of correction after an extended rise, attributed to "chaotic US trade and foreign policy" and "central banks (notably China) buying gold."

• Contextual Perspective:

  • Despite the sharp drop, "an ounce of gold today is still worth more than double what it was two years ago," highlighting the lasting impact of the rally.

• Notable Quote:

  • Nick Marsh:

    "If you'd told me this would happen this time last week, I'd have been quite surprised... There was always the chance of some kind of correction after two years, literally, of rise and rise and rise."
    [03:06]

  • Nick Marsh (on future predictions):

    "If you're going to ask me for a prediction as to what's going to happen after this, I think I'm going to have to politely decline, Nick, I'm sorry."
    [04:21]

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2. Global Market Updates

[04:25–05:03]

• Bitcoin:
  • Trading around $75,000, down 2.4%, now at a nine-month low.
• Oil:
  • Prices fell as US-Iran tensions eased, with crude contracts dropping by over 5% at one point.

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3. Tech Innovations for Japan’s Aging Society

[05:03–07:42]

• Robot Caregivers:

  • At Waseda University, humanoid robots ("IREC") are being developed for elderly care tasks—from helping with mobility to household chores.
  • "It’s extremely challenging because robots must precisely control the force they apply when interacting with people."
    — Tamon Miyake, Waseda University, [05:45]
  • Robots are intended to "supplement, not substitute," caregivers and may take another five years before full deployment.

• AI for Dementia Screening:

  • Fujitsu’s AI tool uses camera-based motion capture to detect early signs of dementia through changes in posture or gait.
    • "If doctors can use motion capture data such as walking patterns or posture, they can intervene earlier."
      — Hidenori Fujiwara, Fujitsu, [06:55]

• Emotional Support Robots:

  • Sharp's "Poketomo" robot (12 cm tall) offers companionship and memory, aiming to keep seniors engaged and alleviate some caregiver burdens.

• Broader Impact:

  • These innovations are pivotal as "1 in 5 people over 65" in Japan are living with dementia or early symptoms, amidst a chronic shortage of caregivers.

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4. Quick Mention – Celebrity Tax Payments

[07:42–08:16]

• Harry Styles reportedly paid around $34 million in UK taxes last year, making him one of the country’s top taxpayers.
• British boxer Anthony Joshua paid $15 million.

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Notable Quotes

• Nick Marsh (on the surprise of the gold plunge):

  "If you'd told me that this would happen this time last week, I'd have been quite surprised." [03:06]

• Tamon Miyake (on robotic caregiving):

  "Robots should supplement, not substitute, human caregivers. So while they may take over some tasks, their main role will be to assist both caregivers and patients." [06:07]

• Hidenori Fujiwara (on data-driven dementia care):

  "If doctors can use motion capture data such as walking patterns or posture, they can intervene earlier, prescribe treatment and delay the onset of dementia." [06:55]

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Key Timestamps

• Gold plunge explainer starts: [01:48]
• Causes behind gold’s drop: [02:30–03:50]
• Global market snapshot (Bitcoin, oil): [04:25]
• Japan’s robot caregivers & dementia tech: [05:03]
• Notable tax payments: [07:42]

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Episode Tone

• Direct, informative, fast-paced.
• Factual explanations; occasional candid admissions of unpredictability in markets.
• Neutral and authoritative reporting style, typical of BBC and Marketplace collaborations.

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This episode efficiently dissects the sudden plunge in gold, places it in economic context, and also highlights global trends in healthcare technology and finance, offering a brisk, fact-packed start to the listener’s day.

Transcript

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[Nick Qureshi]

Gold continues to lose value sharply while silver slides again too. Live from the uk this is the Marketplace morning report from the BBC World Service. Hel Reishi After a historic rally, gold has seen its biggest drop in more than a decade. Silver is also down after sharp swings in Asia trading. The past two years have seen a remarkable rise in value for both precious metals, fueled by lower interest rates, a weak US dollar and global uncertainty. However, gold remains significantly up in value compared to early 2024. The BBC's Nick Marsh has more for us from Singapore. Hi Nick.

[Nick Marsh]

Hello Nick.

[Nick Qureshi]

So what is behind this rapid decline Nick?

[Nick Marsh]

Well, it started on Friday last week when there was some really big drops, about 10% in the price of gold. That was linked to a couple of things. President Trump confirming that he's appointing someone called Kevin Walsh as the new chair of America's central bank, the Federal Reserve. That caused the value of the dollar to go up a little bit because interest rates might not go down as much as previously expected. Also he's seen as a safe pair of ha and someone who might preserve the independence of the Federal Reserve, to put it in very sort of simplistic terms.

[Nick Qureshi]

And where's this going from here after today, do we reckon?

[Nick Marsh]

I'm loathe to give predictions, to be perfectly honest with you, because if you'd told me that this would happen this time last week, I'd have been quite surprised. There was always the chance that there was going to be some kind of correction after two years, literally of rise and rise and rise for various reasons because of low interest rates, because of very chaotic US trade and foreign policy, you know, a year of tariffs and market turmoil and that sort of thing. And that all leads investors to want to invest more in precious metals because they're seen as safe havens. And also central banks, I mean, the China Central bank has been buying so much gold bullion for its reserves, lots of Chinese private investors have been doing the same. And it's important to keep it in perspective. You know, an ounce of gold today is still worth more than double what it was two years ago this time two years ago. So in the main, gold has really increased a huge amount. It's just now we are seeing a pretty sharp drop, but nowhere near enough to wipe the gains that it's made over the last two years. So if you're going to ask me for his prediction as to what's going to happen after this, I think I'm going to have to politely decline. Nick, I'm sorry.

[Nick Qureshi]

Nick Marsh, thanks for joining us on Marketplace.

[Odoo Sponsor]

Thank you.

[Nick Qureshi]

Alright, let's do some numbers. The price of Bitcoin has dropped again. The cryptocurrencies trading around $75,000 down 2.4%, a nine month low. And oil prices down too, as u. S. Iran tensions appear to be easing. Both main crude contracts shed more than 5% at one point. In Japan, it's estimated 1 in 5 people over the age of 65 are living with dementia or early symptoms of the condition. The challenge may seem overwhelming. Local tech companies are trying to step in to help those in need. The BBC's Suranjana Tiwari has more.

[Suranjana Tiwari]

In a lab at Tokyo's Waseda University, half a dozen humanoid robots are being tested to perform various tasks. The idea is that they'll become future caregivers for those seeing a decline in capabilities and to solve a chronic shortage of care workers. IREC is a 150 kilogram humanoid robot that can already handle several tasks, from nursing care like changing positions and putting on socks, to daily housework like scrambling eggs and folding laundry. Assistant professor Tamon Miyake says developing such robots takes incredible precision.

[Tamon Miyake]

It's extremely challenging because robots must precisely control the force they apply when interacting with people. That requires full body sensing and adaptive understanding.

[Suranjana Tiwari]

But robots like IREC are still prototypes. Researchers here say it may take another five years before they can provide physical care. Here's Tamon Miyake again.

[Tamon Miyake]

Robots should supplement, not substitute, human caregivers. So while they may take over some tasks, their main role will be to assist both caregivers and patients.

[Suranjana Tiwari]

Tech companies are also developing new ways to screen for dementia, including one tool from Fujitsu. A camera films a person moving and then AI analyzes their posture and gait. Changes in how a person moves, like shuffling while walking, slowing down or difficulty in turning, can be some of the earliest signs of dementia. Aigate analyzes posture and movement using skeleton recognition. It's non invasive and easy to deploy in clinical settings. Hidenori Fujiwara from Fujitsu explains why the technology is so useful.

[Hidenori Fujiwara]

If doctors can use motion capture data such as walking patterns or posture, they can intervene earlier, prescribe treatment and delay.

[Reemaj Reyes]

The onset of dementia.

[Suranjana Tiwari]

Developers are also turning to robotics for emotional support, including one that looks like a teddy bear. Sharp's tiny robot is called Poketomo. At just 12 centimeters tall, it can fit in your hand or hang on your bag. And yet it's smart enough to listen and remember. In the years ahead, Japan faces major pressures, a shrinking workforce and rising social care costs. Innovations may not replace humans just yet, but they could help ease stretched resources and ensure older people stay active and engaged for longer.

[Nick Qureshi]

BBC Suranjana Tiwari Finally, One Direction singer turned solo artist Harry Styles is estimated to have paid UK tax of around $34 million last year, making him one of the country's top taxpayers. That is according to the Sunday Times newspaper, which also says British boxer Anthony Joshua paid 15 million in the UK. I'm Nick Qureshi with the Marketplace Morning Report from the BBC World Service. Thanks for listening.

[Reemaj Reyes]

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[Hidenori Fujiwara]

I don't want to have kids who can't speak Arabic or read Arabic. This is the only chance I get to do this right when they're really, really young. I won't get another chance to help guide them and help them learn Arabic for the sake of them being connected to this massive heritage that they're inheriting.

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Listen to this is Uncomfortable on your favorite podcast.