2026-02-03T05:50:01+00:00
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Shafaq News
Gold and
silver rebounded more than 2% on Tuesday after a sharp selloff that was
triggered by the nomination of Kevin Warsh as the next Fed chair and higher
margin requirements at CME Group.
Spot gold
climbed 2.2% to $4,767.33 per ounce, after touching a near one-month low on
Monday. Bullion scaled a record high of $5,594.82 on Thursday.
U.S. gold
futures for April delivery were up 3% at $4,791.10 per ounce.
“It’s a
reasonable call that this is somewhere around fair value potentially, if you
consider that we saw a market behaving fairly irrationally for a few weeks
there,” said Kyle Rodda, a senior market analyst at Capital.com.
“The
current prices take gold and silver back to where they were, early in the
second half of January.”
Gold rose
nearly 13% in January in its biggest monthly gain since November 2009, while
silver jumped 19%.
“The
markets endorsed Warsh’s nomination by U.S. President Donald Trump as someone
relatively credible and so we saw the dollar move on that basis and again, that
was kind of like the pin that popped the big precious metals,” Rodda added.
CME Group
(CME.O) raised margin requirements on precious metal futures after Monday’s
market close.
The U.S.
Bureau of Labor Statistics said on Monday the closely watched employment report
for January would not be released this Friday because of a partial shutdown of
the federal government.
The House of
Representatives, though, was due to convene on Monday to take up legislation,
with a final vote expected on Tuesday. Unlike last year’s record 43-day
shutdown, which caused an economic data blackout, the Commerce Department is
funded until September 30.
Investors
expect at least two Federal Reserve interest rate cuts in 2026. Non-yielding
bullion tends to perform better in low-interest-rate environments.
Spot silver
rose 2.8% to $81.61 an ounce. It had hit a record high of $121.64 on Thursday.
(Reuters)
Only the
headline is edited by Shafaq News Agency.