Gold and Silver Prices Stage Strong Rebound on February 3, 2026
Gold and silver prices have rebounded sharply today, 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 cues, and global economic uncertainty. Investors are closely monitoring live updates on rates and trends across major Indian cities like Chennai, Hyderabad, Bangalore, Mumbai, and Delhi.
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 was largely due to shifting expectations around Federal Reserve leadership, following President Donald Trump's nomination of Kevin Warsh to head the central bank. With markets now bracing for limited macro cues, buying interest has returned to safe-haven assets like gold and silver.
Adding to the broader macro backdrop, President Trump announced a significant trade deal with India on Monday. This agreement 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 the renewed interest in precious metals as investors seek stability amid geopolitical and economic shifts.
Silver Outperforms Gold in Today's Trading
Silver has notably outperformed gold in today's session, with spot prices surging 5.9% to USD 84.09 per ounce after recent volatility. The metal had touched a record high of USD 121.64 last Thursday, highlighting its dynamic performance. In the broader precious metals complex, spot platinum rose 3% to USD 2,183.64 per ounce, while palladium gained 2.7% to USD 1,765.75.
In India, silver is currently priced at Rs 299 per gram, which represents a decrease of Rs 100 from yesterday's rates. This local pricing reflects the global trends while accounting for domestic market conditions.
Gold's Recovery and Market Implications
Spot gold jumped over 3% to above USD 4,770 per ounce, as per 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 scaled a record high of USD 5,594.82 last Thursday before retreating, indicating the ongoing volatility in the market.
The rebound in gold prices was further supported 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, adding to economic uncertainties that favor safe-haven assets.
Live Updates and Market Trends
As of February 3, 2026, at 09:02 AM IST, gold and silver prices are showing a strong upward movement. Investors and traders are advised to follow live updates for the latest rates and trends. The combination of the US government shutdown, Federal Reserve leadership changes, and the new US-India trade deal are key factors to watch in the coming days, as they will likely continue to influence precious metals markets.
For those tracking prices in Indian cities, current rates indicate a rebound across major markets, with variations based on local demand and supply dynamics. Stay tuned for ongoing coverage and analysis of gold and silver price movements.
