Gold and silver rise as dollar slips; US jobs data in focus
Reuters: Gold rose about 2% as the dollar fell; investors eye US jobs, CPI and jobless claims for Fed rate clues. Silver also surged.
Gold and silver prices jumped overnight as the US dollar weakened, with investors focusing on US employment data that is expected to come in softer.
Reuters reported that gold rose about 2% on Monday (February 9, 2026), supported by a weaker dollar, as investors prepared for a week packed with US economic data that could offer further signals on the US Federal Reserve’s monetary policy.
Spot gold climbed to around $5,056 per ounce in late US trade, extending gains after a sharp rise in the previous session. US gold futures for April delivery ended the session about 2% higher at $5,079.40 per ounce.
The US dollar weakened about 0.8%, sliding to its lowest level in more than a week, making gold—priced in dollars—cheaper for overseas buyers. Bart Melek, global head of commodity strategy at TD Securities, said the key driver for gold on the day was the US dollar, adding that expectations were building for weaker economic data, particularly on the labour front.
Investors are closely watching this week’s US nonfarm payrolls, inflation data and initial jobless claims for fresh clues on monetary policy. Markets have already priced in expectations of at least two quarter-point rate cuts in 2026. A Reuters poll forecast that US nonfarm payrolls would rise by 70,000 in January. Lower interest rates typically support gold by reducing the opportunity cost of holding a non-yielding asset.
Data from China’s central bank released over the weekend also showed the People’s Bank of China bought gold for a 15th consecutive month in January, reinforcing the role of sustained central-bank demand in underpinning the market.
• Silver surges again
Spot silver jumped sharply to around $82–83 per ounce, after a near-10% spike in the previous session. Melek said silver remained elevated amid a substantial supply deficit, meaning even relatively small additional demand could tighten the market further, reduce inventories and bring back volatility at higher price levels.
Spot platinum rose 0.8% to $2,112.56 per ounce, while palladium gained 1.3% to $1,727.75 per ounce, Reuters reported.
