Gold price today rebounds above $4,790 after sharp early-February selloff
Gold prices steadied and rebounded in early Tuesday trading as investors reassessed a bruising two-session slide that rattled the precious-metals complex. The move comes after gold’s late-January surge to record territory gave way to heavy profit-taking and a broader commodities pullback.
As of 9:30 a.m. ET on Tuesday, February 3, 2026, spot gold was around $4,794 per troy ounce, up roughly 2.9% on the day.
Gold price today: spot and futures levels
The market’s bounce showed up across both spot and the most-active U.S. gold futures contract, with silver also rebounding after an outsized drop.
| Benchmark (USD) | Level | Day move |
|---|---|---|
| Spot gold (per troy oz) | ~4,794 | +2.9% |
| Most-active gold futures, April (per troy oz) | ~4,800 | +about 3% |
| Spot silver (per troy oz) | ~82.9 | +about 4.6% |
| Gold–silver ratio (gold ÷ silver) | ~58 | down modestly |
Levels are rounded and reflect early Tuesday pricing (ET).
What drove the rebound
Gold’s quick reversal is best understood as a “snapback” after a steep drop rather than a clean new uptrend signal. Three forces have been front and center:
-
Profit-taking after a record run: Gold surged through January to an all-time high near $5,608, leaving the market vulnerable to sharp pullbacks once momentum cooled.
-
Rates and the dollar: Gold can struggle when real yields and the U.S. dollar strengthen, because the metal pays no interest and becomes costlier for non-dollar buyers. Recent moves in rates and currency markets have amplified intraday volatility.
-
Positioning whiplash: After a big down day, traders who were short or hedged often buy back exposure quickly, especially when liquidity is thinner around key technical levels.
How far gold has pulled back from January’s peak
Even with Tuesday’s bounce, gold remains meaningfully off its late-January record. The speed of the pullback matters because it changes how investors frame risk:
-
From January high (~$5,608) to today (~$4,794): down about $814, or roughly 14.5%.
-
One-month trend: still positive, with gold up about 7% over the past month despite the selloff.
-
Year-over-year: gold remains up roughly 69%, reflecting how powerful the 2025–early 2026 rally has been.
In plain terms, this looks less like a “gold is broken” moment and more like a violent reset in a market that had become crowded and extended.
What to watch next
Gold’s next decisive move typically depends on the same handful of inputs:
-
U.S. inflation and labor data: A hotter print can push yields higher and pressure gold; a softer print can revive the case for holding non-yielding assets.
-
Central-bank messaging: Any hint of policy staying tighter for longer can weigh on bullion, while signals of rate cuts can support it.
-
Risk appetite across markets: When equities and credit feel calm, gold often loses urgency; when risk rises, gold’s “insurance” role becomes more valuable.
The short-term tell will be whether gold can hold above the mid-$4,700s after the rebound. If it does, the late-January peak becomes the next longer-term reference point; if it doesn’t, traders will start mapping the next downside support zones.
Spot price vs. what you pay in real life
Many people search “gold price today” expecting the price they’d pay for coins, bars, or jewelry. The benchmark above is the spot market—effectively the wholesale reference. Retail buyers usually pay a premium (for fabrication, shipping, dealer margin, and sometimes tax), while sellers often receive less than spot unless they’re moving large, standard products.
That’s why the spot price is best used as a direction-of-travel indicator, while real-world buy/sell quotes depend on product type, availability, and local market conditions.
Sources consulted: World Gold Council; CME Group; Trading Economics; Investing.com
