Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.
Gold Market
Gold continued to fall on Monday, in large part due to another aggressive surge in the US Dollar at the start of the week. At the end of last week we touched on the main drivers of the rebounding Dollar and dropping gold prices: a moderate pause in the FOMC’s path of lowering policy interest rates and the announcement of the White House’s nomination of Kevin Warsh to replace Jerome Powell at the end of his current term in May, a selection that was celebrated by the markets and spurred a bit more risk appetite across all assets. Also weighing on gold has been last week’s “failure” to find new bids once spot and futures prices reached an all-time high, with gold for immediate delivery trading above $5500/oz. This pivot triggered what analysts are calling a (somewhat) orderly and overdue correction, as the yellow metal had so overextended itself during a historic rally that began in Q3 of 2025. Although gold is looking stolid on Monday afternoon, just below $4700, this includes a rebound of nearly $200/oz from the lows touched overnight just before London trading opened. This kind of support and potential for consolidation are likely part of the reason that, roughly 24 trading hours after gold’s worst-ever day on a USD/oz basis, most major analyst desks have not revised their bullish outlooks for the gold price in 2026.
Silver Market
Platinum Market
There are no stark “winners” in precious metals on Monday, but of the pack, platinum is having the best start to the week in New York. After dropping roughly 1.0% at the open Sunday evening, the grey metal has clawed back those losses to trade mostly flat in the first trading day of February.
