AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

2/6/2026: Gold rallies into weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 1.8% to close above $4,951 as the dollar retreated and bargain-hunters swept in again. Despite some sizable price swings, bullion ended the week up 0.1%, sustained by safe-haven inflows. Silver rose 0.3% today to finish at $76.74 but still lost 0.8% for the week.

US domestic and foreign policy actions drove conflicting sentiments in the markets over the past week, prompting traders to take profits from the huge rallies enjoyed by all four precious metals since January 1.

President Trump's nomination of Kevin Warsh as the next Fed Chair began the avalanche. Based on his actions on the Fed Board during the financial crisis of 2008, when he advocated strongly against monetary easing, the markets initially pegged Warsh as a monetary hawk who would end rate cuts.

Traders jumped on the possibility of a shifting rate view to capture month-end profits from gold's meteoric 20% gain to that point in January. But the fundamentals for the gold rally—economic and geopolitical uncertainty—were unchanged. Major investment houses including USB, JP Morgan, Deutsche Bank responded by raising their 2026 forecasts to $6,000 or more.

Midweek, heightened tensions in the Middle East spurred a strong rebound in gold on flights to safety. A US carrier group, dispatched to pressure Iran over its nuclear program, shot down an attacking drone, raising concerns about military escalation and oil supplies.

But these tensions relaxed later this week as talks opened between Iran and the US, prompting another round of profit-taking before bargain-hunters returned once again.

Silver saw similar swings, but more exaggerated— in large part because silver is not undergirded by strong demand from central banks and institutional investors, for which gold is a core holding. Plus, its spectacular runup, more than doubling in price in several months, had been amplified by feverish retail speculation in China—something that can quickly change direction.

Platinum and palladium, swept up in the gold and silver rally, were subject to similar swings. Platinum added 2% today but lost 1.3% this week. Palladium added 3.8% to end the week virtually flat.

At the New York spot close: gold gained $89.80 to $4,951.20; silver added 21 cents, to $76.74; platinum picked up $42.75 to $2,104.35; and palladium advanced $62.95 to $1,732,70 an ounce.

2/5/2026: Gold drops as tensions ease

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 1.6% to close under $4,862 as the dollar rose and geopolitical tensions eased, prompting traders to take profits from bullion's 6.8% rebound over the previous two sessions. Silver shed 9% to finish at $76.53 an ounce.

The US and Iran are scheduled to hold talks on Friday, lowering the heat about Iran's nuclear program and suppression of popular dissent. President Trump sent a carrier group into the region last week to pressure Tehran to the table, raising the possibility of military intervention.

Separately, China and the US have begun "productive" conversations about trade, reducing tensions between the two largest economies. The President said China may begin buying US soybeans again.

Benchmark 10-year Treasury yields retreated slightly after jobless claims increased by 22,000 last week, raising new questions about the labor market. Fed funds futures trades raised the odds on a March rate cut to 21% from 9% the day before.

The dollar picked up 0.3% against major rivals, pressuring gold and other commodities by making them more expensive in other currencies, lowering demand overseas.

Silver's sharp selloff was driven by liquidations out of China, where speculative investments had reached frothy proportions over the past month. Volatility in silver is expected to continue.

Platinum and palladium fell 1.6% and 5%, respectively.

2/4/2026: Gold rises on bargain-hunting

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold added 0.7% to close near $4,941 as bargain-hunters returned to the market for a second day, spurred by soft US payrolls and ISM services data. Silver rose 1.3% to finish at $84.17 an ounce.

ADP reported that private payrolls rose by a meager 22,000 in January, suggesting that the labor market continues to weaken. The pace of job creation has plunged since last spring, with trade wars created uncertainty among businesses, prompting them to suspend hiring.

The more authoritative nonfarm payrolls report has been delayed until next week because of the partial government shutdown.

Growth in the US services sector was unchanged in January, according to the ISM, although businesses reported paying more for inputs, indicating inflation may pick up in this crucial segment of the economy. More than two-thirds of US economic activity occurs in serves-related businesses.

The dollar and US Treasury yields both rose slightly after Treasury Secretary Scott Bessent declared again that the US supports a strong dollar policy. It was the second time in the past week that Bessent felt the need to counter President Trump's assertion that he prefers the dollar to weaken to increase exports.

Gold fell more than 13% on Friday and Monday, its biggest two-day drop in decades, as traders took profits from its nearly 20% rise since January 1. With some speculative froth removed from the price, investors returned for a second session to hedge against geopolitical and economic uncertainty driven by US trade and foreign policies.

Platinum fell 1.2% while palladium rose 1.4%.

At the New York spot close: gold gained $37.05 to $4,940.75; silver climbed $1.12 to $84.17; platinum slid $26.65 to $2,162.70; and palladium picked up $25 to $1,758.25 an ounce.

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.

2/2/2026: Metals fall further on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold extended its selloff, falling another 5.4% to close under $4,623, as rising risk appetite spurred investors to continue taking profits from bullion's record-setting rally. Silver shed another 8.3% to finish at $76.78 an ounce.

The selloff in precious metals, which began on Friday with the announcement of Kevin Warsh as new Fed Chair, continued today with substantial rebounds in the dollar and Treasury yields following better-than-expected manufacturing data.

The ISM manufacturing survey rose to a 30-month high in January, fueling hopes of a powerful rebound in beleaguered US factories. The index jumped to 52.6% from 47.9% in December, where any reading above 50% indicated expansion.

The upbeat data helped fuel a rally in equities, with the Dow surging 1% while the S&P 500 rose near its all-time high and Nasdaq picked up 0.5%. Earnings optimism also fueled the risk-on sentiment, with at least a quarter of the S&P 500 set to report substantial growth per share this week.

The dollar rose 0.6% against major rivals as the ISM data reinforced the view that the Fed will pause rate cuts for a while. The nomination of Warsh, who has a history of being a monetary hawk, also darkened the view for rate cuts—and helped to drive the selloff I precious metals on Friday.

A stronger dollar weighs on gold and other commodities by making them more expensive in other currencies. Benchmark 10-year Treasury yields climbed for a second day on the shifting rate view, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Despite historical profit-taking in all four precious metals, the bull market is widely considered to be intact. Prices remain substantially higher than at the start of the year—gold is still up 7%, silver 9%—while the economic and geopolitical uncertainty that propelled their rallies are unabated.

Analysts at USB said today that gold should reach a new record above $6,200 this year. JP Morgan is still projecting $6,300 and Deutsche Bank has reiterated its forecast of $6,000 by year end.

Platinum and palladium fell 1.9% and 2.3%, respectively.

At the New York spot close: gold fell $264.65 to $4,622.50; silver slid $6.97 to $76.78; platinum dropped $39.55 to $2,093.50; and palladium shed $39.75 to $1,689.90 an ounce.

1/30/2026: Metals correct on Warsh pick

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold plunged nearly 8% to close near $4,887 after President Trump nominated Kevin Warsh as the next Chair of the Federal Reserve, boosting the dollar and prompting traders to taking month-end profits from a record rally. Silver shed 25% to finish at $83.75 an ounce.

The youngest Fed Governor in history, Warsh was on the Fed board from 2006 until 2011. During the Great Financial Crisis of 2008 and 2009, he served as the link between the Fed Chair Ben Bernanke and Wall Street, helping to secure the health of the major US banks.

Warsh broke with Bernanke over quantitative easing, a policy that pumped money into the economy through expanding the Fed balance sheet, saying that it would cause runaway inflation. This stance earned him the reputation as a monetary hawk.

More recently Warsh has been sharp critic of current Fed Chair Jerome Powell, arguing interest rates should be lower and the Fed itself needs to be overhauled.

The dollar rebounded on the Warsh announcement as traders, recalling his hawkish past, speculated that he would be a force against inflation and loose monetary policy. A rising dollar pressures gold and other commodities by making them less expensive overseas.

Platinum and palladium were also swept up in the selloff, dropping $17.7% and 13.5%, respectively.

After a feverish rally this month driven by solid fundamentals and speculative froth, all four metals were ripe for correction. The only surprise was the size, which was enormous. Nonetheless, they posted huge gains for the month. Gold added 13%, silver 43.6%, platinum 33.7%, and palladium 25% in January despite today's extraordinary profit-taking.

At the New York spot close: gold tumbled $418.70 to $4,887.15; silver shed $28.90 to $83.75; platinum lost $459.30 to $2,133.05; and palladium dropped $270.30 to $1,729.65 an ounce.

1/29/2026: Gold gains on dollar weakness

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.3% to close near $5,306 as the dollar weakened further, with global investors continuing to hedge against US asset risks, lifting alternative stores of value. Silver slipped less than 0.2% on profit-taking to finish at $112.65 an ounce.

President Trump announced today that he will pick his replacement for Fed Chair Jerome Powell sometime next week. Most betting markets project the nominee to be either Rick Rieder, an executive at the investment firm Black Rock, or former Fed Governor Kevin Warsh.

Whomever takes Powell's chair when his term expires this spring will likely be a policy dove. Trump has been explicit that the next Fed Chair must slash interest rates.

The dollar fell again, losing 0.3% against major rivals, as global investors continue to bet against the US currency. Erratic economic and fiscal policies, along with threats to Fed independence and unpredictable foreign policy actions, have pushed individuals and nations to reduce exposure to the dollar, which has fallen 12% in the past year and 2% this month.

A weaker dollar supports gold and other commodities by making them less expensive in other currencies, stimulating demand overseas.

Safe-haven demand for gold is also continuing after the White House dispatched a carrier group toward Iran with an ultimatum to sign an agreement to halt uranium enrichment. Iran has vowed to retaliate against the US and Israel for any intervention.

With gold up 19% this month and nearly doubling in the past year, retail investors are increasingly replacing a portion of their bond allocation with bullion. JP Morgan suggested today that gold could rise to more than $8,000 an ounce if investors increase that allocation from 3% to 4.6% of portfolios, according to Reuters.

Platinum slipped 0.6% while palladium inched down less than 0.1%.

At the New York spot close: gold added $16.60, to $5,305.85; silver slid 20 cents to $112,65; platinum dropped $15.60 to $2,591.35; and palladium dipped 30 cents to $1,999.95 an ounce.

1/28/2026: Gold, silver march higher

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 4% to close above $5,288, fueled by weakness in the dollar ahead of the Fed's decision on monetary policy. Silver surged 4.7% to finish at $112.85 an ounce.

The dollar has been under pressure for the past year, dropping more than 10% because of erratic US policies and, more recently, lower interest rates from the Fed. The so-called "sell America" trade has accelerated as global investors and governments seek to reduce their exposure to US assets.

Yesterday, after the dollar fell to a four-year low against major rivals, President Trump told reporters that "the dollar's doing great" at its devalued level, leading markets to speculate that the administration is actively pursuing a weak dollar policy. Trump's relentless pressure on the Fed to lower interest rates also signifies preference for a weaker dollar, which makes US exports cheaper overseas.

With the prospect of further devaluation, the dollar fell while gold rose above $5,300 and silver above $115 today in early trading. Discussions between the US and Japan over intervention to support the tumbling yen by selling dollars added to the rally.

But Treasury Secretary Scott Bessent threw the buck a lifeline midday, asserting that the US is not pursuing a weak dollar policy and will not intervene to support the yen. Also supporting the buck, the Fed left rates steady after its meeting on monetary policy today and sounded more upbeat on the economy

The dollar stopped its slide, rebounding 0.3%, but still hovered near a four-year low. Gold and silver slipped from early-session highs but still finished with gains of more than 4% for the day.

Platinum and palladium rose 2.5% and 7.2%, respectively.

At the New York spot close: gold gained $202.90 to $5,288.25; silver surged $5.10 to $112.85; platinum picked up $60.20 to $2,626.95; and palladium rose $134.20 to $2,000.25 an ounce.

1/27/2026: Gold rallies on fading dollar

Source: Bill Musgrave, American Gold Exchange

Austin — Extending its record rally, New York spot gold added another 0.9% to close at a new all-time high above $5,085 as geopolitical and economic concerns driven by erratic US policies pressured the dollar and drove investors into safe havens. Silver slipped 1.6% to finish at $107.75 an ounce.

President Trump raised tariffs on South Korea by an additional 25% today in his latest attempt to pressure the US ally and trading partner into signing a trade agreement. The move comes within days of Trump's threat to impose additional tariffs of 100% on Canada for striking a modest trade deal with China over importing electric vehicles.

In addition to using high-pressure trade policies, recent actions by the Trump administration—the abduction of Venezuelan President Nicolas Maduro, threats to take over Greenland by force, threats against NATO members for supporting Greenland, attempts to impose control over the Fed and monetary policy—have rattled the markets and left the US increasingly isolated.

The dollar fell another 0.9% to a four-year low against major rivals as global investors and central banks continue to reduce holdings of dollars because of US polices and soaring government debt. A weaker dollar supports gold by making it less expensive overseas.

Deutsche Bank and Societe Generale both raised their gold price forecast for 2026 to $6,000 an ounce, citing global investment demand and aggressive central bank buying. Morgan Stanley upped its forecast to $5,700.

Platinum and palladium fell 7.2% and 8.5%, respectively.

At the New York spot close: gold gained $47 to $5,085.35; silver shed $1.80 to $107.75; platinum dropped $198.30 to $2,546.75l; and palladium shed $174.60 to $1,886.05 an ounce.

1/26/2026: Gold surpasses $5,000 an ounce

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 1.2% to push above $5,000 for the first time, closing at a fresh all-time high at $5,038, as erratic US policies continue to hurt the dollar, roil the markets, and push investors toward safety. Silver shot 8.5% higher to a record $109.55 an ounce.

President Trump threatened on Saturday to impose additional 100% tariffs on Canada if it proceeds with a trade agreement with China. The obviously punitive measure comes less than a week after he threatened 25% tariffs against NATO allies if they did not hand over Greenland, something he subsequently rescinded.

Separately, the odds of a government shutdown escalated after ICE agents in Minneapolis shot and killed a second US citizen. Senate Democrats have declared that they will not sign a spending bill that continues to fund ICE at current levels.

The Trump administration's other recent actions—attacks on Jerome Powell and Fed independence, threats to forcibly acquire Greenland, military action in Venezuela—have rattled markets by adding to geopolitical and economic uncertainty. Precious metals have been the clear beneficiary.

The dollar fell 0.6% to a four-month low against major rivals as investors and governments lose confidence in US policies. In addition, the yen surged against the dollar on speculation that the US may unite with Japan to support the yen after the recent selloff of Japan bonds.

A weaker dollar lifts gold and other commodities by making them less expensive in other currencies.

Platinum rose 0.8% and palladium picked up 2.3%.

At the New York spot close: gold gained $62.15 to $5,038.35; silver shot up $8.62 to $109.55; platinum added $22.95, to $2,745.05; and palladium rose $45.50 to $2,060.65 an ounce.