NEW YORK, February 5, 2026, 10:02 (EST) — Regular session
- Spot gold slipped roughly 2.9% to around $4,818 an ounce in early U.S. trade
- A stronger dollar and reduced geopolitical tensions weighed on demand for safe-haven assets
- Traders are focused on Friday’s U.S.-Iran talks and the postponed U.S. data due next week
Gold prices dipped Thursday as traders cashed in gains following a volatile rebound, while the dollar stayed resilient. Spot gold fell 2.93% to $4,818.20 an ounce, swinging between $4,791.10 and $5,024.80 earlier in the session. 1
The pullback follows a wider sell-off in commodities, triggered by investors retreating from the recent surge into hard assets. Silver plunged up to 15%, while oil dropped over $1 a barrel after the U.S. and Iran agreed to hold talks on Friday, coupled with a positive phone call between U.S. and Chinese leaders, Reuters reported. 2
The dollar index climbed roughly 0.1% to around 97.7, staying close to a two-week peak. A firmer dollar pushes the price of gold higher for those paying in other currencies. 3
U.S. benchmark 10-year yields slipped to about 4.24% today, holding borrowing costs high enough to rival gold. Since gold offers no yield, it tends to fade when rates remain elevated. 4
Analysts say the metal remains unstable after last week’s sharp swings. “The market has not found an equilibrium yet,” noted Julius Baer’s Carsten Menke. Saxo Bank’s Ole Hansen highlighted heavy selling in Chinese futures and on the CME, triggered by prices failing to break key chart levels. Weaker Chinese demand ahead of the Lunar New Year is weighing on the market. 5
Wednesday followed a familiar script: a quick surge, then selling off. “We did see a turnaround in the dollar, and that strength put some pressure on gold,” said David Meger, director of metals trading at High Ridge Futures, describing it as a profit-taking dip after hitting record highs. 6
Focus is turning to a U.S. data calendar that’s been disrupted. The Bureau of Labor Statistics announced the January employment report, delayed by the brief government shutdown, will drop next Wednesday. The January CPI report follows on Friday after the agency rescheduled its releases. 7
The BLS calendar schedules the January jobs report for Feb. 11 at 8:30 a.m. ET. 8
January’s CPI is set to be released on Feb. 13 at 8:30 a.m. ET. 9
Gold-linked assets slipped. SPDR Gold Shares (GLD), the biggest U.S. gold-backed ETF, dropped around 1.8%. The VanEck Gold Miners ETF (GDX) tumbled about 2.5%, with major players like Newmont and Agnico Eagle also seeing declines.
Barrick Mining announced plans to move forward with an IPO of its North American gold assets and appointed Mark Hill as CEO. Its U.S.-listed shares climbed roughly 2% in early trading. 10
The market has treated geopolitics and positioning more like a headline trade than a drawn-out macro story. A sudden spike in tensions or a sharp rate shift could quickly trigger safe-haven buying again, while thin liquidity risks making the next move harsher than expected.
Friday’s U.S.-Iran talks in Oman are the next key event to watch. After that, traders will shift focus to the rescheduled U.S. jobs report on Feb. 11 and the CPI data due Feb. 13, hoping for clearer signals on interest rates. 11
