Gold price today holds near $4,936 an ounce ahead of key U.S. data

Gold prices were little changed into Wednesday, February 4, 2026, after a volatile stretch that has kept the metal near historically elevated levels. Spot gold traded around $4,936 per troy ounce in late-day pricing, as traders weighed the next round of U.S. economic signals and the broader demand for defensive assets.

The main question for investors now is whether gold consolidates after recent swings or resumes its climb if rates and risk sentiment shift again.

Gold price right now (ET)

As of 6:30 p.m. ET on Tuesday, February 3, 2026, spot gold was hovering just under $4,940 per ounce. Bid/ask pricing showed only a modest move on the session, with an intraday range spanning roughly the low-$4,900s to just under $4,975.

What’s driving gold this week

Gold has been responding to a familiar mix of forces:

• Interest-rate expectations: When traders expect lower real yields ahead, gold tends to get support because it doesn’t pay interest.

• Risk appetite: Episodes of equity-market unease and geopolitical uncertainty often increase demand for safe-haven assets.

• Currency moves: A softer U.S. dollar can make gold cheaper for non-dollar buyers, typically helping prices.

Recent price action has also been shaped by position adjustments after gold’s powerful run, with quick pullbacks followed by rebounds that keep the market sensitive to fresh headlines and data.

Why the price is still near record territory

Even with day-to-day noise, gold remains buoyed by structural demand. Central-bank buying, diversification flows, and strong retail/investment interest have supported prices over the past year, leaving the market in a higher trading band than most investors were used to earlier in the decade.

That backdrop means dips have tended to find buyers relatively quickly—though not always smoothly—especially when broader market confidence wobbles.

What to watch next

The next leg for gold often comes down to whether upcoming U.S. economic readings reinforce a “rates stay high” narrative or reopen the door to looser financial conditions. Traders will also watch:

• Real yields and inflation expectations

• Major central-bank messaging

• Any renewed volatility in equities or credit spreads

If yields push higher and the dollar firms, gold could remain rangebound or see a deeper pullback. If yields ease or risk aversion returns, gold may challenge recent highs again.

Practical note for buyers

If you’re purchasing physical gold, your price will typically be above the spot level due to dealer premiums, fabrication costs, and taxes or fees depending on your location. For tracking “gold price today,” spot is the clean benchmark, while coins and bars can vary meaningfully.

Sources consulted: World Gold Council, London Bullion Market Association, Investing.com, Kitco Metals