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Gold Prices Plunge After Record Highs; Fuel Finder Scheme Launches in UK
Gold and silver prices experienced a significant drop after reaching record highs in January, while in the UK, a new government scheme launched allowing drivers to compare fuel prices. The price of gold fell more than $9 on Friday, marking its sharpest one-day drop since 1983, and continued to fall by a further $6 on Monday, according to BBC Business. Silver also slumped by 15% before both metals recovered some ground.
The decline in precious metals prices followed a period of record highs, with gold reaching $5,500 an ounce last month. Investors had been parking money in "safe haven" assets due to geopolitical uncertainties, according to BBC Business. Markets had also been worried about the independence of the US Federal Reserve, but prices fell on Friday after President Donald Trump nominated Kevin Warsh, a former central bank governor, to be its new chair, according to BBC Business. Despite the recent falls, the price of gold remained about 70% higher than it was at the same point last year, according to BBC Business.
Meanwhile, in the United Kingdom, a new "Fuel Finder Scheme" was launched on Monday, enabling drivers to compare fuel prices at different petrol stations, according to BBC Business. Garages and fuel stations are now required to report their prices to third-party apps and websites within 30 minutes. Chancellor Rachel Reeves stated the scheme could save the average household 40 a year, according to BBC Business. Motoring groups noted that fuel prices can vary by as much as 20p per litre depending on location, according to BBC Business. The Fuel Finder Scheme aims to allow "drivers to find the best deals and spur competition as fuel retailers compete for customers," according to BBC Business.
In other financial news, mortgage interest rates have shown improvement over the past year, offering potential opportunities for both homebuyers and those looking to refinance, according to CBS News. While the Federal Reserve did not cut interest rates at its first meeting of 2026, rates may already be low enough to support purchase or refinancing activity for homeowners burdened with rates over 7%, according to CBS News.
Looking ahead, the 2026 Winter Olympics are scheduled to take place in Milan-Cortina, Italy, according to Al Jazeera. The event, which begins in just under 2 years, will feature approximately 3,500 athletes competing in 116 events across 16 disciplines over 19 days, according to Al Jazeera.
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