Gold and silver extended gains on
Monday, with the former trading just above the $5,000-per-ounce
level as the dollar dipped, while investors awaited key jobs and
inflation data due later in the week to gauge U.S. interest rate
trajectory.
Spot gold rose 1.1% to $5,012.76 per ounce by 0502
GMT after a 4% climb on Friday. U.S. gold futures for
April delivery gained 1.1% to $5,033.80 per ounce.
“This could be the very short-term intraday correlation between
the dollar and silver as well as gold (driving the metals up),”
said Kelvin Wong, a senior market analyst at OANDA.
The U.S. dollar was at its lowest level since February 4,
making greenback-priced metals cheaper for overseas buyers. The
yen strengthened after Japanese Prime Minister Sanae Takaichi swept to victory in Sunday’s election.
“Bargain-hunting is (also) pushing gold back above the $5,000
level,” said KCM chief analyst Tim Waterer.
Investors await monthly reports on employment and consumer
prices this week and expect at least two 25-basis-point rate
cuts in 2026, with the first one expected in June. Non-yielding
bullion tends to do well in low-interest-rate environments.
“Any softness in the jobs data could help gold’s rebound
efforts. We are not expecting a rate cut from the Fed until
mid-year, unless the jobs data really starts to drop off a
cliff,” Waterer added.
San Francisco Federal Reserve President Mary Daly said on Friday
she thinks one or two more interest rate cuts may be needed to
counteract weakness in the labour market.
Spot silver climbed 4.6% to $81.54 per ounce after a
near 10% gain in the previous session. It hit an all-time high
of $121.64 on January 29.
“Unless silver’s able to clear above that key resistance at
$92.24, I’m not so convinced in terms of a probability
perspective of a medium uptrend,” Wong said.
Spot platinum edged 0.3% lower to $2,090.13 per
ounce, while palladium gained 1% to $1,723.41.
Published on February 9, 2026
