Gold prices moved higher on Monday, with silver posting stronger gains, as precious metal markets steadied following a volatile week marked by sharp price swings. Recent fluctuations were driven by weaker safe-haven demand, profit-taking, and growing uncertainty surrounding the outlook for U.S. monetary policy.
By 09:30 ET (14:30 GMT), spot gold had risen 1.2% to $5,021.15 per ounce, while April gold futures gained 1.3% to $5,024.66. Spot silver surged 3.8% to $79.85 per ounce, extending its rebound from lows near $60 reached last week. Platinum lagged behind, trading largely unchanged at $2,098.85 per ounce.
Precious metals rebound after volatile week
Gold and silver experienced heavy volatility last week as investors reassessed expectations for U.S. interest rates under President Donald Trump’s nominee for Federal Reserve chair, Kevin Warsh. The nomination helped lift the U.S. dollar, triggering a sell-off in precious metals and prompting traders to lock in gains after gold and silver had rallied sharply earlier in the year.
Demand for safe-haven assets also eased as the United States and Iran showed signs of progress in weekend discussions, with both sides agreeing to continue talks over Tehran’s nuclear programme. That development reduced immediate geopolitical risk, further weighing on haven-driven buying.
Despite the recent pullback, gold is still up around 15% in 2026, while silver has gained roughly 5%. Both metals retreated sharply from record highs reached in early February.
Analysts at ANZ said large institutional investors continue to view gold as an attractive asset despite the recent correction. They pointed to ongoing purchases by the People’s Bank of China, which added gold to its reserves for a fifteenth consecutive month in January.
China’s central bank holdings rose to 74.19 million troy ounces by the end of January, slightly up from the previous month. The PBOC has been a leading buyer among central banks over the past year, partly due to rising concerns about elevated fiscal spending across developed economies.
Those concerns were reinforced by political developments in Japan, where Prime Minister Sanae Takaichi secured a decisive victory in Sunday’s lower house election. The result is seen as paving the way for increased fiscal spending in the country.
U.S. and China data in focus
Looking ahead, investors are awaiting a series of key economic data releases from the United States and China, which could offer fresh insight into the outlook for the world’s largest economies.
In the U.S., January nonfarm payrolls data due on Wednesday and consumer price inflation figures scheduled for Friday are expected to play a key role in shaping expectations for Federal Reserve policy. Uncertainty over the long-term path of interest rates helped support the dollar last week, adding pressure to precious metal prices.
In China, consumer price index data due on Friday will be closely watched for signals on economic momentum and the potential need for further stimulus measures.
