Gold falls 1.5% on firm dollar, silver recovers from over three-week low
By Brecorder.com - February 02, 2026
Gold extended falls on Monday, pressured by a firm dollar, as investors gauged US President Donald Trump’s Fed chair pick Kevin Warsh’s approach to interest rate cuts, while silver recovered from a more than three-week low hit on Friday.
Fundamentals
- Spot gold was down 1.5% at $4,793.97 per ounce, as of 0046 GMT, after touching a more than one-week low on Friday.
- Bullion scaled a record high of $5,594.82 on Thursday.
- US gold futures for February delivery climbed 1.6% to $4,818.10 per ounce.
- Spot silver rose 1.6% to $85.98 an ounce. It hit a record high of $121.64 on Thursday.
- The dollar clung onto its gains as investors weighed what a U.S. Federal Reserve under Warsh might look like, with his preference for a smaller balance sheet.
- A stronger dollar makes greenback-priced gold less affordable for holders of other currencies.
- Warsh checks a long list of boxes for Trump as his pick to run the Fed, with longstanding political and social ties to the president, deep Wall Street connections and a well-tailored demeanour.
