AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
2/3/2026: Gold climbs on safety, bargains
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold rebounded 6.1% to close near $4,409 as bargain-hunters flooded the market following bullion's massive two-day correction. Escalating tensions with Iran stoked safe-haven demand, pressuring Treasury yields and the dollar. Silver jumped 8.1% to finish at $83.04 an ounce.
The US Navy reported shooting down an Iranian drone targeting a US aircraft carrier in the Arabian Sea, further inflaming tensions between the two nations. President Trump late last week sent a carrier strike force the area, warning Iran to halt its nuclear materials program or face possible intervention
Oil jumped 1.6% in reaction as investors hedged against the possibility of supply disruptions brought on by the conflict. The region supplies around one-third of the world's crude oil. Gold often trades in sympathy with oil as a hedge against energy-related inflation.
US equities fell from near-record levels, with software shares leading the way on rising concerns that AI will disrupt their core business. The Dow lost 0.8% while the S&P 500 and Nasdaq, weighted toward tech, lost 1.3% and 2.2%, respectively.
Benchmark 10-year Treasury yields pulled back as investors shifted toward the perceived safety of government debt. Falling yields boost gold by decreasing the opportunity costs for holding it instead of bonds.
Tracking lower with yields, the dollar slid 0.2%, lifting gold and other commodities by making them cheaper in other currencies.
Platinum rose 4.6% while palladium picked up 2.6%.
At the New York spot close: gold gained $281.20; silver surged $6.24; platinum climbed $95.85; and palladium advanced $43.35 an ounce.
| Metal | Ask | Change | |
|---|---|---|---|
| Gold | $4,798.35 | $-187.90 | |
| Silver | $71.98 | $-17.33 | |
| Platinum | $2,029.20 | $-243.80 | |
| Palladium | $1,681.75 | $-100.50 | |
AGE Gold Commentary
Gold, silver, platinum, and palladium have all moved sharply lower in one of the biggest market corrections ever seen by precious metals. This video gives you real-time insight into this critical turning point in the precious metals markets. ... read more
