Gold and silver rise early Monday as investors took advantage of the precious metals recent price tumble to snap up the assets.
The yellow metal remained around the $5,000-an-ounce threshold and it remained to be seen whether it could sustain a rally above it. The metals tumbled last week amid volatility after gold reached an all-time high on Jan. 29. Many investment banks continue to be bullish on the metal amid major buying out of China.
April gold futures rallied 5% last week to settle at $4,979.80 an ounce on Comex, after the front-month contract rose 1.9% Friday. Bullion surged 9.3% in January after rising 2% in December and gaining 6.5% in November. It rallied 64% last year. The April contract is currently up $79.30 (+1.59%) an ounce to $5059.10 and the DG spot price is $5045.10.
March silver futures fell 2.1% last week to settle at $76.90 an ounce on Comex, though the front-month contract gained 0.2% Friday. It touched a record above $115 in January. Silver gained 11% last month after climbing 24% in December and increasing 19% in November. It rose 141% last year. The March contract is currently up $3.990 (+5.19%) an ounce to $80.885 and the DG spot price is $81.75.
Investors will be awaiting key economic indicators for hints on the Federal Reserve’s policy direction in the next few months. The key U.S. monthly jobs report for January, which was due out at the end of last week, is now scheduled for publication Wednesday. The delay by the Labor Department was attributed to the partial federal government shutdown.
The Fed closely watches the labor market and inflation when setting monetary policy. The private payrolls report for January from ADP last week came in far short of expectations.
Separately, the consumer price index report for January, a measure of inflation, is scheduled for release on Friday.
The Fed last month kept benchmark interest rates unchanged at 3.50% to 3.75% after reducing rates at the previous three policy meetings. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts in 2024.
More than 82% of investors are betting that the Fed will keep interest rates unchanged again in March, according to figures tracked by the CME FedWatch Tool. About 18% expect another 25 basis point cut. The Fed reduced interest rates for a third consecutive time in December to 3.50% to 3.75%.
The selloff in precious metals last week began when President Donald Trump said he would appoint inflation hawk Kevin Warsh as the next Fed chairman, succeeding Jerome Powell, whose term ends in May. Powell and Trump have long been at loggerheads over the president’s call for lower interest rates.
Spot palladium increased 5.3% last week to $1,741.50 an ounce after gaining 2.6% Friday. Palladium rose 2.4% in January after increasing 11% in December and adding 0.5% in November. Palladium gained 74% last year. Currently, the DG spot price is down $5.20 an ounce to $1741.00.
Spot platinum rose 3% last week to $2,118.70 an ounce after advancing 2.2% Friday. It gained 1.4% in January after surging 22% in December and climbing 4.7% in November. Platinum increased 122% in 2025. The DG spot price is currently up $16.40 an ounce to $2131.80.
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