Gold price today climbs near recent highs as traders weigh rates outlook

Gold price today was around $4,966 per ounce in spot trading as of late morning Sunday, Feb. 8, 2026 (ET), extending a sharp move that has kept precious metals in focus to start February. The latest levels reflect a market still sensitive to shifting expectations around interest rates, the U.S. dollar’s direction, and demand for perceived safe-haven assets.

Where spot gold stands right now

Spot gold was roughly $4,966/oz in late-morning ET trading, with prices fluctuating within a wide intraday range. Different pricing feeds can show slightly different “last” values at any given moment because of quote timing and whether the view reflects bid, ask, or a midpoint.

Gold futures vs. spot

Gold futures were also trading near the same zone, with the most-active contract around $4,980/oz in the latest available quotes. Futures can trade at a premium or discount to spot depending on financing costs, delivery timing, and market positioning.

What’s driving the move

Several forces tend to matter most for gold at these levels:

• Interest-rate expectations: Gold often reacts to changes in the outlook for policy rates, since the metal does not pay interest.

• U.S. dollar moves: A softer dollar can make dollar-priced gold cheaper for non-U.S. buyers; a stronger dollar can have the opposite effect.

• Risk sentiment: Demand can rise when investors seek portfolio hedges against market volatility.

What to watch next

The next catalysts are likely to be incoming inflation data, central-bank messaging, and real-yield moves, which can quickly reset rate expectations and ripple into the dollar and gold. Traders will also be watching whether gold holds above recent support areas after this surge, since sharp rallies can bring equally sharp pullbacks.

Sources consulted: Kitco, LBMA, Bloomberg, Investing.com