Overview
- Spot gold rose about 0.5% to roughly $5,049 an ounce with U.S. futures higher, while silver advanced 2%–3% to around $82–83 after a prior session drop, according to Reuters.
- The metal has steadied following late‑January turbulence, with gold down about 11% from its Jan. 29 peak at one point but now having recovered roughly half of a two‑day 13% slide.
- In India, MCX gold hovered near ₹1.56–1.58 lakh per 10g and silver traded around ₹2.60–2.90 lakh per kg, with Mumbai spot around ₹1.58 lakh per 10g and silver near ₹2.60 lakh per kg.
- Analysts and traders cite sharply higher futures margins as a key driver of volatility, with one estimate putting silver margin requirements near 65% and pointing to earlier forced deleveraging across major exchanges.
- January recorded strong inflows into gold and silver ETFs and continued central‑bank buying, while markets price at least two Fed cuts in 2026 even as a Fed official signaled no urgency; jobs and inflation data are the next catalysts.