New York, Feb 3, 2026, 10:07 EST — Regular session
- Spot gold bounces back roughly 5% following a two-day drop that pushed prices to their lowest in a month
- Gold-linked ETFs surge in early New York trading, mirroring the rise in bullion
- CME margin increases, the Fed chair shuffle, and a data delay caused by a U.S. government shutdown have returned to the spotlight
Gold prices surged Tuesday, marking their largest daily gain since 2008 as buyers stepped back in following a sharp two-day selloff.
This rebound is crucial since last week’s drop seemed driven by forced risk-cutting rather than a clear shift in fundamentals. Margin calls hit futures traders, ETFs faced outflows, and those moves snowballed, dragging gold stocks down with them.
CME Group boosted margin requirements on precious metals futures—the cash collateral traders need to hold positions—with the new levels kicking in after Monday’s close. Spot gold dropped 4.8% on Monday, while silver plunged 9.2%, pressured by a stronger dollar following gold’s nearly 10% decline on Friday. (Reuters)
Futures positioning reflects some of the recent shakeout. Open interest in COMEX gold futures—the tally of outstanding contracts—was 425,082 at 10:00 a.m. Tuesday, dropping 10,231 from the previous session, according to Associated Press market data. (AP News)
Spot gold jumped 5.3% to $4,913.59 an ounce by 7:34 a.m. ET, bouncing back from Monday’s low of $4,403.24. Meanwhile, U.S. gold futures for April climbed 6.1% to $4,936.20. “The market was oversold … what we see today is a rebound,” said Peter Fertig, a Quantitative Commodity Research analyst. Saxo Bank’s Ole Hansen flagged $5,000 as the next key “retracement” level — a technical point measuring how much of a prior move has been reversed. (Reuters)
Gold’s drop came after U.S. President Donald Trump nominated Kevin Warsh to replace Federal Reserve Chair Jerome Powell in May, traders said. Warsh is widely seen as likely to push for rate cuts while also tightening the Fed’s balance sheet — a combination that usually boosts the dollar and puts pressure on dollar-denominated gold.
SPDR Gold Shares climbed roughly 5.9% to around $452. VanEck Gold Miners ETF jumped about 4.6%, hitting near $98. Newmont rose close to 3.1%, Agnico Eagle increased by about 3.7%, and Wheaton Precious Metals added roughly 4.0% in early U.S. trading.
Activity in the sector’s deal pipeline remains robust despite volatile prices. Eldorado Gold announced Monday it’s acquiring Canada’s Foran Mining for C$3.8 billion. Foran CEO Dan Myerson highlighted that the move would provide its McIlvenna Bay project with “the scale and financial strength” needed to speed up growth. (Reuters)
Risks remain. Analysts caution the selloff could continue if the dollar strengthens or if rising margins trigger another round of liquidations. City Index market analyst Fawad Razaqzada said it’s “far too early” to claim gold has hit its bottom. (Reuters)
Macro traders found themselves without a clear short-term guide this week. The Labor Department announced delays for both the January employment report, originally set for Friday, and the December job-openings report, due Tuesday, due to a partial U.S. government shutdown. (AP News)
Markets are watching to see if bullion can break back above $5,000 and hold it, while also scanning Washington for any sign of restored data flow. The January CPI release is due Feb. 11—provided the shutdown wraps up soon enough for the Labor Department to put it out. (Bls)
