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Gold prices rise to $5k, silver surges after whipsaw week

09 February 2026 09:28 (UTC +04:00)

Gold prices rose in Asian trade on Monday, while silver also advanced after metal markets logged wild swings last week amid sluggish haven demand, profit-taking, and increased uncertainty over U.S. monetary policy, APA-Economics reports, citing Investing.com.

Focus this week is on a host of key U.S. economic prints– chiefly nonfarm payrolls and consumer price index inflation– for more cues on the world’s largest economy.

Haven-linked demand for metals cooled as the U.S. and Iran were seen making some headway in weekend talks, with both sides pledging to continue talks over Tehran’s nuclear ambitions.

Spot gold rose 0.7% to $4,996.47 an ounce by 20:49 ET (01:49 GMT), briefly hitting an intraday peak of $5,046.79/oz. Gold futures for April rose 0.8% to $5,016.21/oz.

Spot silver rose 3.3% to $80.5330/oz, rising further from lows of near $60/oz hit last week, while spot platinum lagged, falling 2.3% to $2,068.45/oz.

Precious metal markets logged wild swings last week as traders fretted over the outlook for U.S. monetary policy under President Donald Trump’s nominee for the next Chairman of the Federal Reserve, Kevin Warsh.

Warsh’s pick spurred a rebound in the dollar, which in turn sparked a wave of selling across precious metal markets, with traders also locking in recent, stellar gains in gold and silver prices.

Gold and silver are trading up 15% and 5%, respectively, so far in 2026. Both metals plummeted from record highs in early-February.