LONDON, Feb 6, 2026, 11:02 GMT — Regular session.
- Spot gold bounced back following Thursday’s sell-off, as safe-haven buying returned.
- CME has once again increased margins for gold and silver futures, underscoring the market’s volatile moves
- Traders are turning their focus to the postponed U.S. jobs and inflation reports for hints on the next move
Gold prices bounced back Friday following a steep drop, as global stocks slipped again and ongoing U.S.-Iran tensions nudged investors toward safe havens. Spot gold jumped 1.9% to $4,859.43 an ounce by 0923 GMT. Silver also gained, with spot silver up 4.2% at $74.22. Meanwhile, U.S. gold futures for April slipped 0.1% to $4,883.10. Kelvin Wong, senior market analyst at OANDA, noted that safe-haven demand is creeping back, though the market remains “very near-term choppy” after last week’s selloff. Reuters
CME Group has again raised margin requirements for COMEX gold and silver futures—its third increase since switching to margins based on contract value in mid-January. For gold, initial and maintenance margins on COMEX 100 Gold Futures climbed to 9% from 8% for accounts not flagged as heightened risk. This change takes effect after trading closes on Feb. 6. Margins are the cash deposits traders must hold to cover potential losses.
In Asia, India’s bullion dealers trimmed premiums to around $70 an ounce this week, falling sharply from last week’s $153 as jitters kept buyers cautious. In China, premiums crept higher to roughly $35. Peter Fung of Wing Fung Precious Metals noted that consumers still snapped up jewellery when prices dipped, while investment demand remained “very good.” Spot gold has plunged over 13.5% since peaking at a record $5,594.82 on Jan. 29. Reuters
Bank of England Governor Andrew Bailey expressed support for President Donald Trump’s pick of former Fed governor Kevin Warsh to succeed Jerome Powell when his term wraps up in May. Warsh’s nomination still awaits the green light from the U.S. Senate Banking Committee, Reuters reported.
Friday saw jittery markets as investors weighed fresh layoff news and a postponed U.S. jobs report, Reuters’ Morning Bid noted. Futures on funds boosted the chance of a quarter-point Fed rate cut in March to 22.7%, climbing from just 9.4% the day before. Silver bounced back from earlier losses, holding near $73.71.
Analysts are raising their 2026 gold price targets, with a Reuters poll showing the median forecast climbing to $4,746.50 an ounce, up from $4,275 back in October. David Russell, CEO of bullion dealer GoldCore, warned, “We are entering a period” where the foundations of stability face serious challenges. Reuters
The rebound hasn’t eased jitters. Traders highlight forced selling in leveraged bets and spotty liquidity following recent margin tweaks, causing swings that often drown out usual factors like inflation expectations.
A swift easing in geopolitics or a rebound in stocks might sap gold’s safe-haven appeal, while a stronger dollar would push prices higher for buyers outside the U.S. On the flip side, any new spike in risk could swiftly drive money back into bullion.
U.S. data delayed by the government shutdown is now hitting the calendar. The Bureau of Labor Statistics confirmed the January employment report will drop on Feb. 11, followed by the January CPI report on Feb. 13.
