Gold rebounds 3% rising above US$4800

2026-02-03 - 03:16

Global gold prices jumped more than 3% on Monday, rebounding from a near one-month low, as market participants braced for a week with limited key economic data due to the partial shutdown of the US government. Spot gold rose 3.7% to US$4,837.16 per ounce, recovering after falling to its lowest level in nearly a month in the previous session. The metal had surged to a record high of US$5,594.82 per ounce on 29 January. US gold futures for April delivery climbed 4.5% to US$4,859.30 per ounce. Other precious metals also advanced. Spot silver jumped 5.9% to US$84.09 per ounce, after hitting a record high of US$121.64 last Thursday. Spot platinum rose 3% to US$2,183.64 per ounce, following a record peak of US$2,918.80 on 26 January, while palladium gained 2.7% to US$1,765.75 per ounce. The US Bureau of Labor Statistics said on Monday that the closely watched January employment report will not be released this Friday due to the partial shutdown of the federal government. The US government has been partially shut down since 31 January after Congress failed to approve a funding agreement in time, affecting several agencies, including the Department of Labor, despite the Senate having passed a budget bill on 30 January. The House of Representatives is scheduled to take up the legislation on 2 February, with a final vote expected on 3 February. House Speaker Mike Johnson said he was confident the shutdown would end within a few days. Meanwhile, the US dollar remained slightly stronger on Tuesday, supported by better-than-expected economic data and expectations of a shift in Federal Reserve monetary policy following President Donald Trump’s announcement of a new Fed chair. These factors outweighed concerns over the partial government shutdown. A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies. Investors expect the Fed to cut interest rates at least twice in 2026. Gold, which yields no interest, typically performs better in a low-interest-rate environment.