Precious Metals Selloff Triggers Wide Market Moves as Investors Brace for Busy Week of Earnings and Central Bank Meetings
A sharp decline in gold and silver prices sparked volatility across global markets on Monday. The selloff influenced currencies, oil, and bond yields today.
Insights:
Precious metals prices tumbled on Monday, February 2, 2026, creating ripple effects across global financial markets as investors prepared for a heavy schedule of corporate earnings and central bank decisions. Silver and gold experienced sharp declines after both assets touched record highs on the prior Thursday. Spot gold fell 3.8% to $4,679.50 an ounce following a nearly 10% slump on Friday. Meanwhile, trading in silver was choppy and the metal was down 4.2% at $80.98 after falling as low as $71.33 earlier in the day. The two-day decline for silver, following a 27% rout on Friday, represents its largest two-day loss since at least the 1980s.
