This follows yesterday’s strong rebound, when spot gold jumped more than 6% to settle above $4,945/oz, its largest single-day gain since November 2008, while silver surged 7.5% to $85.2/oz.
Kaynat Chainwala,
AVP Commodity Research,
Kotak Securities:
Mumbai, 4 February 2026: Spot gold extended gains for a second consecutive session today, surging above $5,050/oz after rebounding sharply from lows below $4,500/oz hit last week. The rally was supported by a softer dollar and aggressive dip-buying following a brutal sell-off that had pushed prices nearly 20% below record highs. Spot silver also advanced, climbing above $90/oz after a recent sell-off that had left prices more than 40% below record levels. This follows yesterday’s strong rebound, when spot gold jumped more than 6% to settle above $4,945/oz, its largest single-day gain since November 2008, while silver surged 7.5% to $85.2/oz. Markets are now focused on US ADP non-farm payrolls data and final services PMI readings from major global economies. However, the primary focus remains on Friday’s official US jobs report for signals on the timing of the next Federal Reserve rate cut. CME FedWatch currently shows no easing priced in until May, with June reflecting just a 44.1% probability of a 25bp cut versus a 44.9% chance of rates being held unchanged.
WTI crude oil held above $64/bbl earlier today after being further supported by a massive 11 million-barrel inventory draw reported by the API, raising expectations of a similar draw in the upcoming EIA data. This follows a 2% rally in the previous session, driven by renewed geopolitical tensions after the US shot down an Iranian drone near an American aircraft carrier in the Arabian Sea. Oil prices have been volatile amid the US–Iran standoff, turbulence across broader commodity markets, and movements in the dollar index. Currently, gains have faded, with prices slipping back toward $63/bbl as markets also monitor trilateral peace talks involving the US, Ukraine, and Russia, as well as still-scheduled US–Iran negotiations in Istanbul on Friday, despite the recent flare-up in tensions.
