Gold and Silver Prices Stage Strong Rebound on February 3, 2026
Gold and silver prices have rebounded sharply today, February 3, 2026, snapping losses from the previous session and putting bullion back on an upward trajectory. This recovery comes as markets react to a combination of factors including a US government shutdown, shifting Federal Reserve leadership cues, and broader global economic uncertainty. The rally has been particularly pronounced in major Indian cities such as Chennai, Hyderabad, Bangalore, Mumbai, and Delhi, where investors are closely monitoring live updates on rates and trends.
Key Drivers Behind the Precious Metals Rally
The rebound in gold and silver prices follows a period of volatility triggered by sharp swings across precious metals and the US dollar. Earlier pressure on bullion prices was alleviated as buying interest returned to safe-haven assets, with markets now bracing for limited macro cues. A significant factor in this shift is the changing expectations around Federal Reserve leadership, following President Donald Trump's nomination of Kevin Warsh to head the central bank. This development has injected uncertainty into monetary policy outlooks, prompting investors to seek refuge in gold and silver.
Silver Outperforms Gold in Today's Trading
In today's trading session, silver has notably outperformed gold, with spot prices surging 5.9% to USD 84.09 per ounce. This surge follows recent volatility that saw silver touch a record high of USD 121.64 last Thursday. The broader precious metals complex also showed gains, with spot platinum rising 3% to USD 2,183.64 per ounce and palladium gaining 2.7% to USD 1,765.75. In the Indian market, silver is currently priced at Rs 299 per gram, reflecting a decrease of Rs 100 from yesterday's rates.
Gold's Recovery and Market Impact
Spot gold jumped over 3% to above USD 4,770 per ounce, according to Trading View's live tracker, recovering from a near one-month low touched a day earlier. US gold futures for April delivery climbed 3.3% to over USD 4,800 per ounce. Gold had previously scaled a record high of USD 5,594.82 last Thursday before retreating. The rebound has been bolstered by the US Bureau of Labor Statistics confirming that the closely tracked January employment report will not be released this Friday due to the partial federal shutdown. This shutdown began over the weekend after Congress failed to approve a funding deal for several departments, including the Labor Department.
Global Economic Factors Influencing Prices
Adding to the broader macro backdrop, President Trump announced a trade deal with India on Monday that reduces US tariffs on Indian goods to 18% from 50%, in exchange for India halting Russian oil purchases and easing trade barriers. This development has contributed to global economic uncertainty, further driving interest in safe-haven assets like gold and silver. Investors are advised to stay updated with the latest market trends and live updates to navigate these volatile conditions effectively.
