Yes, gold and silver are experiencing a notable rebound today (February 3, 2026), following a dramatic and historic sell-off over the past few days.
Recent Price Action
- Gold surged around 5-6% today, recovering from lows near $4,400-$4,500 per ounce after hitting a record high above $5,600 last week (and briefly dipping sharply). Spot prices are hovering in the $4,800-$4,900 range in recent updates, with gains of over 5% in some reports marking one of the strongest daily rebounds in years.
- Silver has shown even stronger recovery momentum, jumping 8-10% (or more in futures) after a brutal drop of up to 31% in a single day last Friday—the worst on record in decades. It's trading around $85-$87 per ounce today, up significantly from recent lows in the $70s.
This comes after an explosive rally through late 2025 into January 2026 (gold nearly doubling, silver quadrupling from earlier levels), driven by factors like geopolitical tensions, central bank buying, currency concerns, and safe-haven demand. The sharp correction was triggered by events like uncertainty around the U.S. Federal Reserve leadership pick (e.g., Kevin Warsh nomination seen as less dovish), rising real yields, a stronger dollar, and unwinding of overcrowded bullish positions.
What's Driving the Rebound?
Analysts describe the prior plunge as a violent but technical correction/positioning reset rather than a fundamental breakdown. Key supportive themes remain intact:
- Ongoing central bank demand for gold.
- Inflation/debasement hedges.
- Geopolitical risks.
- Industrial demand for silver (e.g., solar, electronics).
Many forecasts stay bullish longer-term—e.g., some banks eye gold toward $6,000+ by end-2026, viewing the dip as a buying opportunity. However, volatility is high, with potential for more swings amid U.S. policy uncertainty and data delays (like employment reports affected by government issues).
Precious metals often see sharp bounces after overextended corrections, and today's action fits that pattern. If you're tracking or considering positions, watch support levels around recent lows and resistance near prior highs for clues on sustainability. Prices can shift quickly in this environment!