Gold Prices Swing Sharply Amid Global Market Uncertainty
Gold | 2026-02-03 10:28:18
Year to date, the LBMA Gold Price is higher by 14%.
By Paul Ploumis
SEATTLE (Scrap Monster): Global financial markets navigated a turbulent week as central banks across advanced economies kept policy rates unchanged and a new US Federal Reserve Chair nominee entered the spotlight.
Economic signals were mixed: US consumer confidence softened despite better-than-expected earnings, Eurozone GDP surprised on the upside, while China’s manufacturing and services activity weakened. At the same time, India and Europe finalized a trade agreement, adding a constructive long-term signal.
Market performance reflected the uncertainty. Global equities finished the week mixed, US 10-year Treasury yields and the dollar strengthened, and oil prices moved lower. Gold experienced pronounced volatility as shifting expectations around US monetary policy and a broader risk-off tone weighed on sentiment.
Prices surged beyond the psychological US$5,000 per ounce mark, climbed close to US$5,500, and then retreated sharply to US$4,982 by Friday’s close, still up 0.7% week on week. Year to date, the LBMA Gold Price is higher by 14%.
Investor behavior adjusted during the pullback. Global gold ETF holdings continued to rise, albeit at a slower pace, while futures and options traders reduced bullish positioning. Markets now await clearer signals to determine gold’s direction.
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Frequently Asked Questions
- What drove recent global market turbulence?
Mixed economic signals, unchanged central bank rates, and a new US Fed Chair nominee contributed to volatility.
- How did gold prices behave last week?
Gold surged past $5,000, peaked near $5,500, then fell to $4,982, up 0.7% for the week.
- What was the year-to-date performance of gold?
Gold prices are up 14% so far in 2026.
