Weekly recap · Feb 2–Feb 6, 2026
Wild week: gold steadies near $4,948, silver plunges as volatility stays high
Gold ended Feb. 2–6 down -0.7% for the week at $4,948.00 an ounce, after sharp two-way swings and repeated headlines about volatility. Silver had a much rougher ride, finishing the week down -27.4% at $74.94 an ounce as multiple outlets described heavy selling and fast reversals. Coverage kept pointing to shifting expectations for Federal Reserve rate cuts, moves in the U.S. dollar, and geopolitical risk as key day-to-day drivers. At the same time, several reports highlighted ongoing official-sector buying and strong gold ETF flows even with prices whipsawing.
AI summaryWritten automatically with AI from 38 linked reports and our own price data, Oct 21, 3:18 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made
The week in prices
- Gold$4,948.00−0.7%
- Silver$74.94−27.4%
- Platinum$2,054.00−10.7%
- Palladium$1,693.00−7.0%
Tone of the reports: Mixed
The week’s key developments
Gold finished the week at $4,948.00 an ounce (-0.7% for the week), with Reuters describing a sharp rebound midweek after the earlier selloff.
SourcesReuters: Gold set for biggest daily gain since 2008 as investors rush back after selloff2: Gold bounces back on softer dollar, US-Iran concerns; silver rebounds
Silver ended at $74.94 an ounce after another leg down, with Yahoo Finance and Investing.com emphasizing that volatility stayed near highs as a rebound quickly reversed.
SourcesYahoo Finance: Silver Hit With Fresh Selloff as Volatility Holds Near HighsInvesting.com: Silver prices slump 15%, reversing short-lived rebound - Investing.com
The World Gold Council said central banks bought 19 tonnes of gold in December and 328 tonnes in 2025, keeping official-sector demand in focus during the week’s volatility.
The World Gold Council reported gold ETF inflows surged despite a recent price pullback, a supportive data point even as day-to-day trading remained choppy.
SourcesWorld Gold Council: Flows surge despite price pullback | World Gold Council
Bloomberg said China’s major gold-backed ETFs saw record daily outflows of nearly $1 billion during the slump, highlighting that some investors stepped back during the drop.
SourcesBloomberg: China Gold ETFs See Record Outflows as Metals Slump Shakes Faith
Reuters reported analysts were ramping up gold forecasts as global uncertainties mounted, and CNBC highlighted Ray Dalio’s view that gold remains a key safety asset amid rising tensions.
SourcesReuters: Analysts ramp up gold forecasts as global uncertainties mountCNBC: Ray Dalio: Gold is still safest bet; world on brink of a 'capital war'
Reuters noted physical-market signals diverged across Asia: India gold premiums more than halved while demand in China picked up ahead of holidays.
SourcesReuters: India gold premiums more than halve; China demand up ahead of ...
Bull vs bear
The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.
The case for higher prices
Reuters reported analysts were raising gold forecasts as global uncertainties mounted, framing geopolitical and macro risks as supportive for gold demand.
SourcesReuters: Analysts ramp up gold forecasts as global uncertainties mount
The World Gold Council said gold ETF inflows surged despite a recent price pullback, suggesting continued investor demand even during volatility.
SourcesWorld Gold Council: Flows surge despite price pullback | World Gold Council
The World Gold Council said central banks bought 328 tonnes in 2025, keeping official-sector buying in the bullish narrative around gold demand.
CNBC cited Ray Dalio saying gold is still the safest bet amid rising global tensions and a potential “capital war.”
SourcesCNBC: Ray Dalio: Gold is still safest bet; world on brink of a 'capital war'2: Ray Dalio warns the world is 'on the brink' of a capital war - CNBC
The case for lower prices
Bloomberg reported record daily outflows from China gold ETFs during the slump, a sign that some investors reduced exposure as prices fell.
SourcesBloomberg: China Gold ETFs See Record Outflows as Metals Slump Shakes Faith
MINING.COM reported hedge funds cut bullish gold wagers to the lowest level in 15 weeks, pointing to less speculative positioning behind the rally.
SourcesMINING.COM: Hedge funds cut bullish gold wagers to lowest in 15 weeks
FXEmpire said profit-taking pulled gold lower and some traders saw the move as a bearish sign.
SourcesFXEmpire: Gold (XAUUSD) Price Forecast: Profit-Taking Pulls Gold ... - FXEmpire
Investing.com said the recovery in precious metals was short-lived as gold and silver lost ground again, underscoring unstable sentiment.
SourcesInvesting.com: Recovery in precious metals is short lived as gold falls, silver ...
Metal by metal
Day by day
- Monday, Feb 2Gold and silver slump hard as positioning unwinds; some analysts say bull trend still intact
- Tuesday, Feb 3Gold, silver and PGMs rebound sharply as buyers return after steep selloff
- Wednesday, Feb 4Gold settles at $4,985.10 as rebound broadens across precious metals
- Thursday, Feb 5Metals slide at the close as silver selloff deepens; gold demand signals stay mixed
- Friday, Feb 6Gold jumps, silver sinks as volatility and margins dominate week’s metals trade
How this page is made
Collected every hour. Summed up twice a day. Linked to the source.
Where the news comes from
- Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
- Kitco News and MetalsDaily
- The World Gold Council
- Google News, for wider coverage
- A daily AI web search for anything the feeds missed
How the briefs are written
Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.
Who publishes it
Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.
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