Precious metals staged a strong recovery on February 3, 2026, as gold and silver prices bounced back from one of the most severe sell-offs in recent memory. Market observers describe the prior decline as a temporary breather within an ongoing upward trend, rather than the conclusion of the bull phase.
In Asian trading, spot gold stood at approximately $4,778 per ounce, while silver traded near $82.70 per ounce. Platinum and palladium also posted gains, coinciding with a slight easing in the US dollar index following its recent strength.
The pullback in previous sessions stemmed from a resurgent US dollar, widespread profit-taking after an extended rally, and stricter margin requirements imposed by the CME Group on precious metals futures. Sentiment had additionally softened due to US political developments that diminished immediate uncertainty over monetary policy directions.
Despite the volatility, analysts maintain an optimistic long-term view. Independent metals consultant Ross Norman noted that the correction, though substantial, left prices near levels observed just weeks earlier, signaling no end to the broader bull market.
Forecasts from major institutions remain bullish for 2026. Deutsche Bank upheld its projection of $6,000 per ounce for gold, driven by persistent investor appetite. UBS anticipates prices surpassing $6,200, and JP Morgan eyes $6,300 by year-end.
Silver’s prospects appear more varied, influenced by its roles as both a precious asset and an industrial material, with demand dynamics from these sectors shaping its trajectory.
China’s bullion market could influence short-term movements ahead of the Lunar New Year. Reports indicated active buying of gold jewellery and bars in Shenzhen over the weekend, pointing to sustained dip-buying interest. Chinese markets are set to close for over a week starting February 16.
ALSO READ : Gold-Silver Price Today : Silver Price Tops ₹4 Lakh, Gold Price Hits ₹1.80 Lakh Per 10 gm
In the Indian context, the Multi Commodity Exchange (MCX) saw volatility in recent sessions, with prior sharp declines giving way to rebound signals amid global recovery. The article from Moneycontrol highlights these international trends and analyst perspectives, without specific fresh MCX quotes in early updates.
No direct references appear to sovereign gold bonds (SGBs) or immediate Budget 2026 impacts in the core market rebound coverage, though separate developments noted changes to SGB tax exemptions effective April 1, 2026, limiting benefits to original subscribers holding to maturity.
-
-
-
-
