Gold price today rises back near $5,000 as volatility stays high

Gold prices climbed Wednesday, February 4, 2026, regaining key ground after a sharp, fast selloff late last week and an equally forceful rebound to start this week. The move underscores how sensitive the market remains to shifts in interest-rate expectations, the U.S. dollar, and fresh geopolitical headlines.

As of 9:54 a.m. ET, spot gold traded around $5,018 per troy ounce, up about 1.3% on the day. U.S. gold futures were also higher in morning trading, with the most-active spring contract hovering just above the $5,000 level.

What’s driving gold’s move today

The latest bounce reflects a classic mix of “safe-haven” demand and macro positioning. Investors have been reacting to renewed geopolitical tension headlines, alongside a choppy reassessment of where U.S. interest rates may head next.

Gold tends to benefit when markets lean toward slower growth or potential rate cuts, because the metal does not pay interest and becomes relatively more attractive when real yields soften. At the same time, the past week has been a reminder that gold can drop quickly when the dollar strengthens or when traders rush to lock in gains after a big run.

Why the market feels so jumpy right now

Gold has been trading like a market crowded with fast money. Recent price action has included a steep multi-day decline followed by an equally sharp rebound—moves large enough to force repositioning across futures, options, and leveraged products.

That dynamic can create a feedback loop:

• a drop triggers margin calls and stop-loss selling,

• selling accelerates declines,

• then bargain-hunting and short-covering fuel a snapback.

The takeaway for everyday investors: today’s headline price matters, but the “how” has been just as important as the “what,” because liquidity and positioning can temporarily overpower fundamentals.

Records, pullbacks, and what levels traders watch

Gold recently set a record high near $5,600 in late January before pulling back hard. Since then, the $5,000 level has become a psychological line in the sand—both for market sentiment and for how traders talk about momentum.

If gold can hold above $5,000 on a closing basis for several sessions, it may calm some of the “air pocket” fears that came with last week’s drop. If it falls back below that zone, the market may continue to whip between sharp rallies and sharp retracements as traders test where real demand shows up.

Silver’s surge adds fuel to the story

Silver’s outsized jump is also shaping the conversation. Silver often moves more violently than gold because the market is smaller and demand is split between investment and industrial uses. When risk appetite returns to precious metals, silver can act like a levered version of gold—up big on strong days, down big on weak ones.

Today’s silver strength may also reflect traders rebuilding exposure after a period of extreme volatility, plus a broader “precious metals complex” rebound as gold steadies.

What to watch next

The next catalysts are straightforward: U.S. economic data releases, any developments that change the perceived path of interest rates, and the tone of the dollar. Investors will also watch whether recent volatility triggers sustained inflows into gold-backed funds or whether the bounce remains primarily a trading-driven move.

One practical indicator is how gold behaves on days when the dollar rises: if gold holds firm despite a stronger dollar, it can signal deeper demand. If gold slips quickly whenever the dollar catches a bid, it suggests the rebound may still be fragile.

Sources consulted: Reuters, MarketWatch, Trading Economics, JM Bullion