New York, February 10, 2026, 10:04 EST — Regular session
- Spot gold slipped 0.4% to $5,042.63/oz; U.S. April futures eased 0.3% to $5,065.60
- A firmer dollar and rising equities cooled demand after Monday’s rebound above $5,000
- Traders now focus on U.S. payrolls (Feb 11) and CPI (Feb 13) for the next cue on rates
Gold eased on Tuesday as a firmer dollar and a bounce in equities dulled safe-haven demand. Spot gold, the price for immediate delivery, fell 0.4% to $5,042.63 an ounce by 1213 GMT; U.S. April futures slipped 0.3% to $5,065.60 as the dollar edged up 0.1%, with bullion still below its Jan. 29 record of $5,594.82. “A resurgence in risk appetite … has weighed on gold,” said ActivTrades analyst Ricardo Evangelista; silver, platinum and palladium also slipped. 1
The pullback matters because the market is still trying to settle after a sharp run-up and quick reversals around the $5,000 mark. This isn’t a sleepy gold tape right now.
Traders are watching the same two levers they always do — the dollar and interest rates — but the sensitivity feels higher. Gold pays no interest, so even small shifts in rate expectations can change the maths fast.
On Monday, gold jumped as the dollar slid and investors positioned for a week packed with U.S. data; spot rose 1.9% to $5,056.21 by mid-afternoon in New York and April futures settled 2% higher at $5,079.40. “The big mover is the U.S. dollar,” said Bart Melek, TD Securities’ global head of commodity strategy, while Eugenia Mykuliak of B2PRIME pointed to official buying “putting a structural floor under the market.” China’s central bank bought gold for a 15th straight month in January, and a Reuters poll put January payroll growth at 70,000. 2
Gold-linked exchange-traded funds, which track the metal, leaned lower in early U.S. trading. SPDR Gold Shares (GLD) was down about 1.1% and iShares Gold Trust (IAU) fell nearly 1%. 3
The tone in broader markets has been doing some of the work, too. U.S. stocks rose on Monday as bargain-hunting returned, while the dollar index dropped 0.8% to 96.83; “a kind of buy-the-dip mentality” has taken hold, Oliver Pursche at Wealthspire Advisors said. 4
The next test is close. The government’s Employment Situation report for January lands Wednesday, and the January consumer price index follows Friday, both due at 8:30 a.m. ET. 5
Rate expectations still lean toward easier policy later this year, even if timing remains the fight. Investing.com’s Fed rate monitor showed the March 18 decision priced mostly into a 3.50%-3.75% policy-rate range, with about a one-in-five chance of 3.25%-3.50%. 6
But the downside case is clear enough. If payrolls or inflation surprise to the upside, the dollar and yields can snap higher and bullion often takes the hit.
For now, traders will take the jobs report first and then the CPI print for January — scheduled for Feb. 13 at 8:30 a.m. ET — as the next hard catalyst for gold’s grip on $5,000. 7
