New York, February 6, 2026, 1:35 PM EST — Regular session underway
- Gold bounced back following Thursday’s drop, as traders cited bargain hunting and a weaker dollar for the recovery
- CME bumped up margins once more for COMEX gold and silver futures, signaling tighter conditions in leveraged positions
- Investors are focused on U.S.-Iran nuclear negotiations and the postponed U.S. jobs and inflation reports due next week
Gold prices rebounded Friday, recovering from a steep drop the previous day as investors snapped up bullion amid a weaker dollar and new geopolitical developments. By 12:10 p.m. ET, spot gold climbed 3.96% to $4,959.28 an ounce. Meanwhile, U.S. gold futures rose 1.84% to $4,951.00. Spot silver surged 7.77%, hitting $76.77. Reuters
The rebound is key because the market’s been acting like it’s on margin-call alert, not just reacting to fundamentals. On Thursday, spot gold dropped 1.8% to $4,872.83 as a stronger dollar and a broad selloff in equities forced some investors to dump metal holdings. “Some people are facing margin issues,” said Bob Haberkorn, senior market strategist at RJO Futures. Reuters
CME Group has once again raised margin requirements for COMEX gold and silver futures to curb volatility, boosting initial and maintenance margins for 100-ounce gold contracts from 8% to 9% for certain accounts. Margins are the cash deposits traders set aside to cover potential losses; increasing them can force leveraged traders to either add funds or slash positions quickly. These adjustments kick in after Friday’s close. Earlier in the session, spot gold dipped to $4,654.29 before bouncing back. A Reuters poll forecasts about 70,000 jobs added in the delayed U.S. payrolls report due next week. Reuters
Friday saw a weaker dollar give gold some support, prompting bargain hunters among bullish traders to jump back in. “The gold market is seeing perceived bargain hunting from bullish traders,” said Jim Wyckoff, senior analyst at Kitco Metals. Still, Wyckoff cautioned that without a major new geopolitical event, the rally might have trouble setting fresh records. Reuters
Geopolitics remained a factor. Iran’s foreign minister called the nuclear talks with the United States, brokered by Oman, a “good start” and said discussions would carry on. Both sides have returned home to consult, but worries persist that diplomacy might falter and escalate tensions in the region. Reuters
The Federal Reserve is holding steady for now. Vice Chair Philip Jefferson described policy as “well positioned,” emphasizing that future rate moves will depend on incoming data, with the benchmark rate currently at 3.50%-3.75%. Since gold yields no interest, it tends to attract buyers when investors expect rates to drop. Reuters
New labor-market figures are adding fuel to the discussion. U.S. job openings dropped by 386,000 in December, hitting 6.542 million—the lowest tally since September 2020—pointing to a slowdown in worker demand late in 2025. Reuters
San Francisco Fed President Mary Daly described the outlook as “precarious,” cautioning that an economy with both low hiring and low firing might abruptly turn against workers and households. Analyst Thomas Ryan of Capital Economics noted a “large downside surprise” in job openings might worry Fed officials, though he urged caution before concluding the labor market is entering a new downturn. Reuters
Gold’s rebound lifted stocks linked to the metal. On the TSX, the gold sector jumped 5.1% as bullion prices climbed. Michael Constantino, CEO of Webull Securities, warned, “Expect a lot of headwinds to continue with the macro news out there.” Reuters
The path remains uncertain. A stronger dollar, easing geopolitical tensions, or another wave of margin-driven selling might push gold back down toward this week’s lows—especially if volatility continues to trigger position cuts.
Investors are set to focus on the delayed U.S. Employment Situation report for January, due Feb. 11 at 8:30 a.m. ET, followed by the January consumer price index on Feb. 13, also at 8:30 a.m. ET. These data points are crucial for gauging the Fed’s upcoming policy decisions and whether gold’s bounce on Friday can hold. Bureau of Labor Statistics
