Strong Rebound in Gold and Silver Prices Following Intense Selling Wave
The prices of gold and silver saw a notable increase on Tuesday, February 3, 2026, exceeding 2%, following a significant wave of sell-offs recorded during the previous session, triggered by the announcement of Kevin Warsh‘s appointment as the chair of the U.S. Federal Reserve.
This swift rebound comes after gold reached its lowest level in nearly a month amidst high volatility in the precious metals markets.
Gold Gains Traction in the Spot and Futures Markets
The spot price of gold surged by 2.2%, reaching $4,767.33 per ounce, following a significant drop during the previous session.
Meanwhile, U.S. futures contracts for delivery in April rose by 3%, settling at $4,791.10 per ounce, reflecting an improved investor appetite for the yellow metal, which is viewed as a safe haven.
Silver Jumps Over 2.8%
Silver also recorded a strong advance, with its spot price increasing by 2.8% to $81.61 per ounce, though it remains below its historic high of $121.64 reached last Thursday.
Mixed Performance Among Other Precious Metals
As for other precious metals, platinum saw its spot price rise by 0.6%, standing at $2,134.10 per ounce, after hitting a record level of $2,918.80 on January 26.
In contrast, palladium fell by 0.5%, settling at $1,711 per ounce, amid ongoing volatility and diverging investor sentiments.
