New York, February 9, 2026, 13:34 EST — Regular session
- Spot gold jumped roughly 2%, climbing past $5,000 an ounce as the U.S. dollar softened.
- Traders waited for U.S. jobs numbers and inflation data, both pushed back to later this week.
- China’s central bank picked up more gold in January, stretching its buying streak further.
Gold climbed past $5,000 an ounce again Monday, with a softer U.S. dollar and traders looking ahead to a packed week of U.S. economic data—numbers that might shake up rate expectations.
The swing is significant—gold doesn’t yield interest, so it usually outperforms when rate expectations drop and the dollar loses steam. This week’s figures arrive in the wake of choppy trading, with bullion turning into a fast-moving gauge for policy risk.
Rates traders are increasingly betting on looser policy in 2026, and gold seems to be catching the signal. Softer labor and inflation data might keep buyers coming for bullion. But if the data flips the other way, brace for another sharp pullback.
Spot gold jumped 2.1% to $5,063.88 an ounce as of 11:12 a.m. ET. April U.S. gold futures moved up 2.2% to $5,087.10. “The big mover was the U.S. dollar,” said TD Securities strategist Bart Melek, noting that “the debasement trade continues” with geopolitical risks propping up demand. Investors are zeroed in on the delayed U.S. nonfarm payrolls report this week, plus jobless claims and consumer prices, with markets factoring in at least two 25-basis-point rate cuts—each 0.25 percentage point—in 2026. 1
The April gold contract (GCJ6) climbed 2.43% to $5,100.7 an ounce in recent trading on CME Group’s Globex, according to CME data. Volume was running close to 94,711 just before 11 a.m. CT. 2
China hasn’t stepped back. The People’s Bank of China kept up its gold purchases for a fifteenth straight month in January, bumping reserves to 74.19 million fine troy ounces by month’s end, according to Reuters. The value of those holdings moved higher as well. It’s been a volatile year for gold — prices hit an all-time high close to $5,600 in January before tumbling to $4,403.24 on Feb. 2, after Kevin Warsh was tapped to lead the Fed. 3
Silver, along with platinum group metals, climbed too—buoyed not just by the weaker dollar but by a wider rush into hard assets.
The rally’s on shaky ground when it comes to the data. A hot payrolls or inflation print, and suddenly the dollar and bond yields could snap higher—making interest-bearing assets look more attractive, and sending gold back down.
Friday brings the next major test for traders: the January U.S. consumer price index, out at 8:30 a.m. ET on Feb. 13, per the Labor Department’s calendar. 4
