London, Feb 10, 2026, 10:50 GMT — Regular session
- Spot gold slipped, giving back some of Monday’s gains as investors showed renewed risk appetite.
- The dollar edged higher, chipping away at support for bullion priced in greenbacks.
- Traders are eyeing U.S. payroll figures due Wednesday, with inflation numbers set for release Friday.
Gold slipped 0.5% to $5,040.47 an ounce by 0900 GMT, cooling off after last week’s record high of $5,594.82 from Jan. 29. April U.S. gold futures were also down, shedding 0.3% to $5,062.60. A firmer dollar, up 0.1%, and renewed strength in global equities—particularly as Tokyo extended gains following Japanese Prime Minister Sanae Takaichi’s victory—dampened safe-haven interest. “The return of risk appetite has weighed on gold prices,” said ActivTrades analyst Ricardo Evangelista. 1
Gold’s sharp sensitivity to rate chatter is in focus again, with the market bracing for another shakeout this week. It doesn’t take much—just a couple of data surprises—and suddenly the dollar and yields are on the move, bullion following right behind.
Gold doesn’t earn interest. Higher yields make bullion seem pointless to hold; when yields drop, though, demand kicks in—especially from investors looking for a hedge.
Gold surged Monday, tracking a 0.8% drop in the dollar to its lowest in over a week and making bullion more attractive for overseas buyers. Spot prices rallied 1.9% to $5,056.21 an ounce by 1835 GMT, while April futures closed up 2% at $5,079.40. “The big mover today is the U.S. dollar,” TD Securities’ Bart Melek said. Traders are bracing for delayed U.S. data this week, with January nonfarm payrolls expected at a 70,000 increase on Wednesday according to a Reuters poll, followed by consumer prices on Friday. Markets have already baked in at least two 25-basis-point rate cuts this year. 2
Central banks remain in the picture. In January, China’s central bank notched its 15th consecutive month of gold purchases. That kind of steady buying, says Eugenia Mykuliak, founder and executive director at B2PRIME Group, is laying down what she calls a “structural floor” for the market.
Precious metals outside gold slipped on Tuesday, giving back some ground after posting sharp gains the previous day. That pullback suggests quick-moving traders are pausing as upcoming U.S. risk events stack up on the calendar.
There’s a more straightforward angle here: should this week’s data come in strong, traders could just as quickly pare back their rate-cut wagers. Yields and the dollar would probably get a bump, and that tends to weigh on bullion.
But a weaker-than-expected read on jobs or inflation? That could quickly put Fed rate cuts back on the table, and more of them. Gold usually gets a boost in that setup, risk appetite or not.
Traders have their eye on Wednesday’s U.S. payrolls report for January, plus Friday’s inflation data—both lined up as the next catalysts for moves in the dollar-and-yields mix that’s been steering gold prices.
