London, February 9, 2026, 11:01 (GMT) — Regular session
Gold stayed above the $5,000 mark on Monday, with spot prices touching $5,012.53 an ounce by 0948 GMT, up 1.1%. That followed Friday’s 4% surge. U.S. gold futures for April picked up the same, trading at $5,033.70. A weaker U.S. dollar and looming economic releases kept the metal buoyant. “Gold reclaims its role as a neutral sovereign asset,” XS.com senior analyst Rania Gule said, noting traders are now factoring in at least two quarter-point cuts in 2026. 1
This shift carries weight: bullion’s been acting more like a gauge of rates and the dollar than a pure safe asset. With gold offering no yield, tweaks in projected borrowing costs hit hard. That impact gets sharper when currency swings drive the math for buyers outside the U.S.
Traders are watching for the next key U.S. data drops, with the Bureau of Labor Statistics pushing back some headline reports. The January jobs report is now set for Feb. 11 at 08:30 a.m. ET, according to the BLS calendar. January’s consumer price index lands Feb. 13, same release time. Weekly initial jobless claims come out Feb. 12. 2
Traders are watching to see if the numbers sustain rate-cut chatter or prompt a reset. Softer inflation keeps real yields in check—typically good news for gold. A solid jobs reading, though, can send the dollar up and put pressure on gold instead.
Official buyers kept grabbing attention. In January, China’s central bank notched a 15th straight month of gold purchases, according to Reuters. Reserve figures put the country’s gold stash at 74.19 million ounces, with an end-of-January value near $369.6 billion. 3
Silver jumped 4.3% to $81.32 an ounce, building on a nearly 10% surge from the previous session. Platinum dropped 1.5% to $2,065.10, while palladium declined 1.1%, settling at $1,687.50. “Silver is more of a risk asset than gold… when risk appetite is strong, you tend to see silver outperform gold,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. 4
But gold doesn’t just move in one direction. A stronger CPI print or wage numbers that keep inflation nerves alive can push up the dollar and real yields—usually enough to keep a lid on gold’s upward momentum.
Right now, traders are fixated on rates, the dollar, and whatever economic data drops next. Volatility’s on the rise. When there’s a packed calendar, momentum trades can unravel fast.
All eyes shift to the U.S. jobs report due Feb. 11, followed by CPI on Feb. 13, both releasing at 08:30 a.m. ET. Traders are bracing for these numbers—they could tip the scales on how rate cuts get priced in the weeks ahead. 5
