Gold and silver prices bounce back. They reverse steep falls from last week. These drops shook metals markets. Investors and experts worry about price swings and big money matters.
On February 4, 2026, both metals push higher during early European trading. A few days ago, gold fell almost 10% in a single session. Silver lost about 30% in one day, its worst drop since 1980. Today, spot gold rises about 2.4% to $5,054.60 per ounce. Gold futures jump around 3.4% to $5,150. Silver goes up even more. Its spot price climbs 5.8% to $90 per ounce, and futures lift 8% to $90.16. Market observers link this rise to renewed dip buying, market calm, and a softer U.S. dollar. The ICE U.S. Dollar Index slips to 97.38 after a recent high of 99.39 in late January. When the dollar falls, investors turn to metals as an alternative. This shift boosts demand for gold and silver.
Mining stocks track this trend. London companies like Rio Tinto and Anglo American grow by about 1% and 0.7%. Antofagasta falls slightly by 0.2%. The FTSE 350 Precious Metals and Mining Total Return Index gains near 2%. These moves point to new interest in the sector.
UBS chief Sergio Ermotti observes that clients now manage their money with more care. In a recent interview, he said investors seek safer assets amid worries over technology stocks and market swings. Excess cash now moves into metals. This change may calm mixed portfolios.
Some experts point out that gold and silver prices now rest on uncertain factors. Politics and key economic moves—like interest rate hints from the Federal Reserve—will shape their path. The coming U.S. midterm elections in November and the possible choices by a Warsh-led Fed add to the mix.
Commodities strategist Ewa Manthey at ING calls this rise a reset driven by market positions. She sees metal gains taking a steadier path, shaped by shifts in the dollar, rate signals, and risk moods.
Major banks hold a hopeful view for gold. Goldman Sachs sets a price target of $5,400 per ounce by the end of 2026. Their team expects central banks to buy more gold and more private funds to pick up gold ETFs when the Fed starts to cut rates. Bank of America Securities is even more upbeat, with gold predicted to hit $6,000 soon. Its research team warns that recent gains may have outpaced the basic market support and come with extra swings.
Political questions and Fed choices now cloud metal prices. Some worry that a Warsh-led Fed might rely on past data or plan ahead. This decision could hold prices steady or lead to more drops.
Gold and silver stand at a point where politics, economic moves, and money matters mix. Their rise after deep falls shows both strength and a wait-and-see mood. Markets now look for clearer signs in policy and risk before moving forward.
