AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

2/4/2026: Gold rises on bargain-hunting

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold added 0.7% to close near $4,941 as bargain-hunters returned to the market for a second day, spurred by soft US payrolls and ISM services data. Silver rose 1.3% to finish at $84.17 an ounce.

ADP reported that private payrolls rose by a meager 22,000 in January, suggesting that the labor market continues to weaken. The pace of job creation has plunged since last spring, with trade wars created uncertainty among businesses, prompting them to suspend hiring.

The more authoritative nonfarm payrolls report has been delayed until next week because of the partial government shutdown.

Growth in the US services sector was unchanged in January, according to the ISM, although businesses reported paying more for inputs, indicating inflation may pick up in this crucial segment of the economy. More than two-thirds of US economic activity occurs in serves-related businesses.

The dollar and US Treasury yields both rose slightly after Treasury Secretary Scott Bessent declared again that the US supports a strong dollar policy. It was the second time in the past week that Bessent felt the need to counter President Trump's assertion that he prefers the dollar to weaken to increase exports.

Gold fell more than 13% on Monday and Tuesday, its biggest two-day drop in decades, as traders took profits from its nearly 20% rise since January 1. With some speculative froth removed from the price, investors returned for a second session to hedge against geopolitical and economic uncertainty driven by US trade and foreign policies.

Platinum fell 1.2% while palladium rose 1.4%.

At the New York spot close: gold gained $37.05 to $4,940.75; silver climbed $1.12 to $84.17; platinum slid $26.65 to $2,162.70; and palladium picked up $25 to $1,758.25 an ounce.