New York, Feb 5, 2026, 17:03 EST — After-hours
- Spot gold dropped 1.8% to $4,872.83 an ounce, while U.S. gold futures closed down 1.2% at $4,889.50
- A stronger dollar combined with a broad risk-off shift led some investors to trim their holdings in precious metals
- Coming up: Oman talks between the U.S. and Iran on Feb. 6, plus delayed U.S. jobs and inflation reports due next week
Gold prices fell Thursday, pressured by a stronger dollar and widespread market selling that forced some investors to trim positions. Spot gold dipped 1.8% to $4,872.83 an ounce by 1:31 p.m. ET, while April futures closed down 1.2% at $4,889.50. Silver took a bigger hit, plunging 12.1% to $77.36 after touching a session low of $72.21 amid the broader precious metals selloff. “Some people are facing margin issues” — broker demands for extra cash to cover losses — and were selling metals because of equity losses, said RJO Futures senior market strategist Bob Haberkorn. (Reuters)
This shift is significant amid a broader pullback from risk assets: global stocks dropped, and the dollar edged close to a two-week peak as investors weighed the expenses tied to the AI expansion and absorbed weaker U.S. labor data. U.S. Treasury yields fell as buyers sought refuge in government bonds, putting the tech-centric Nasdaq under strain. (Reuters)
Gold’s decline comes amid a turbulent stretch that’s left traders jittery over forced selling and quick reversals. Just a day before, prices swung wildly after surging sharply and then plunging from late-January highs. “That strength put some pressure on gold,” said David Meger, director of metals trading at High Ridge Futures, referring to the dollar’s rebound. (Reuters)
U.S. weekly jobless claims climbed to 231,000, while job openings in December dropped to 6.542 million, hitting their lowest point in over five years, according to data released Thursday. This mixed labor report has stirred debate over the Federal Reserve’s ability to maintain tight policy, even as a stronger dollar pressures bullion priced in dollars. (Reuters)
Geopolitics pushed against safe-haven demand at the outset. Delegations from the U.S., Ukraine, and Russia agreed to swap 314 prisoners of war following U.S.-brokered negotiations—an outcome traders viewed as easing some of the near-term risk premium. (Reuters)
Washington’s approach to Beijing softened slightly. U.S. President Donald Trump and China’s Xi Jinping spoke on the phone about Taiwan and soybeans, a conversation geared toward calming tensions. Trump also hinted at a move to steady relations before a potential visit in April. (Reuters)
That fragile calm may not last. Iran’s foreign minister is en route to Muscat for talks with the U.S. scheduled for Friday. Washington wants to expand discussions beyond nuclear topics, but Tehran is resisting — a standoff that could send oil prices, the dollar, and safe-haven assets into rapid flux if negotiations stumble. (Reuters)
With shutdown-related delays stacking up, key macro events are now crammed into a tight window. The U.S. January jobs report will drop Wednesday, Feb. 11, while the CPI inflation numbers have been postponed to Friday, Feb. 13, according to MarketWatch. (MarketWatch)
Looking ahead, the chatter around a structural bid for gold hasn’t died down, despite a messy tape. A Reuters poll shows the median gold price forecast for 2026 at $4,746.50 an ounce. Analysts point to central bank buying and ongoing geopolitical tensions as major supports. “The legitimacy and resilience of institutions are being tested,” said David Russell, CEO of precious metals dealer GoldCore. (Reuters)
Near term, the risk is this turns into a full-blown cross-asset deleveraging episode. If stocks keep falling and the dollar holds strong, margin selling could push gold down despite lower yields. Traders will offload whatever they can to free up cash.
Traders are eyeing Oman today for any headlines or shifts in liquidity that could signal stress. After that, all eyes shift to the delayed U.S. jobs report due Feb. 11, followed by inflation data on Feb. 13. These releases will be key to gauging rate moves and whether gold can settle into firmer territory.
