New York, February 10, 2026, 10:04 EST — Regular session
- Spot gold dropped 0.4% to $5,042.63 an ounce, while U.S. April futures pulled back 0.3% to $5,065.60.
- Demand faded after Monday’s climb above $5,000, as a stronger dollar and higher equities took some of the energy out of the market.
- Attention shifts to U.S. payrolls on Feb 11 and CPI data set for Feb 13, with traders eyeing the next signal on rates.
Gold slipped on Tuesday, down 0.4% to $5,042.63 an ounce for spot prices by 1213 GMT, as the dollar strengthened and equities rebounded. U.S. April futures tracked lower too, losing 0.3% to $5,065.60. The dollar nudged 0.1% higher, keeping bullion under its Jan. 29 peak of $5,594.82. “A resurgence in risk appetite … has weighed on gold,” noted Ricardo Evangelista of ActivTrades. Silver, platinum, and palladium all moved lower as well. 1
The pullback stands out, with the market still catching its breath after a sharp climb and whipsaw swings near the $5,000 level. Gold is anything but quiet at the moment.
It’s the usual focus: the dollar and interest rates. But right now, the market’s nerves are more exposed. With gold not paying interest, even a minor tweak to rate forecasts can quickly flip the calculations.
Gold surged Monday as the dollar lost ground, with traders bracing for a heavy slate of U.S. economic reports this week. Spot prices climbed 1.9% to $5,056.21 by mid-afternoon in New York, and April futures finished up 2% at $5,079.40. “The big mover is the U.S. dollar,” said Bart Melek, global head of commodity strategy at TD Securities. Eugenia Mykuliak at B2PRIME added that sustained official buying is “putting a structural floor under the market.” China’s central bank marked a 15th consecutive month of gold purchases in January. A Reuters poll pegged January payroll gains at 70,000. 2
Gold ETFs slid out of the gate in the U.S. session. SPDR Gold Shares (GLD) slipped roughly 1.1%, while iShares Gold Trust (IAU) dropped close to 1%. 3
Broader markets have played a part as well. U.S. stocks climbed Monday, lifted by bargain-hunters; the dollar index slipped 0.8% to 96.83. “A kind of buy-the-dip mentality” is prevailing, according to Oliver Pursche of Wealthspire Advisors. 4
The next hurdle isn’t far off. The government drops its January Employment Situation report on Wednesday at 8:30 a.m. ET, with January’s consumer price index set to hit Friday, same time. 5
Traders are still betting on looser policy before year-end, but the exact timeline is up for debate. The Fed rate monitor from Investing.com put odds for the March 18 meeting squarely in the 3.50%-3.75% range, with roughly a 20% shot at seeing 3.25%-3.50%. 6
The risk is straightforward: a surprise jump in payrolls or inflation could send the dollar and yields surging, typically dragging bullion lower in response.
First up is the jobs report, but traders are already looking ahead to the January CPI, out on Feb. 13 at 8:30 a.m. ET, as the critical test for gold’s shot at $5,000. 7
