Gold and silver prices tumble as speculators retreat and dollar gains strength

Gold and silver fell on Thursday as speculators cashed in after a brief rally. A stronger dollar and easing global tensions pressured the safe-haven metals.

洞察:
The precious metals market faced a significant downturn today, February 5, 2026, as speculators cashed in following a two-day rally. Spot gold prices declined by approximately 2%, while spot silver experienced a sharp intraday drop of about 11.3%. This reversal was driven by a combination of profit-taking and a firmer dollar in the US USUS, which reached a two-week high. Additionally, easing geopolitical tensions involving Iran IRIR reduced the safe-haven appeal of bullion, leading to large intraday percentage losses that have begun transmitting volatility to global commodity and equity markets.
Customers look at gold jewellery and ornaments at a jewellery store in Hong Kong, China, on February 3, 2026. REUTERS/Tyrone Siu
Customers look at gold jewellery and ornaments at a jewellery store in Hong Kong, China, on February 3, 2026. REUTERS/Tyrone Siu
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