Gold and silver rebounded more than ‌2% on Tuesday (February 3, 2026) after a sharp selloff that ​was triggered by the nomination of Kevin Warsh as the next Fed chair and higher margin requirements at CME Group.

Spot gold climbed 2.2% to $4,767.33 per ounce by 0318 GMT, after touching a near one-month low on Monday. Bullion scaled a record high of $5,594.82 on Thursday (January 29)

U.S. gold futures for April delivery were up 3% at $4,791.10 per ounce.

“It’s a reasonable call that this is somewhere around fair value potentially, if you consider that we saw a market behaving fairly irrationally for a few weeks there,” said Kyle Rodda, a senior market analyst at Capital.com.

“The current prices take gold and silver back to where they were, early in the second half of January.”

Gold rose nearly 13% in January in its biggest ‌monthly gain since November 2009, while silver jumped 19%.

“The markets ‌endorsed Warsh’s nomination by U.S. President Donald Trump as someone relatively credible and so we saw ‍the dollar move on that basis and again, that was kind of like the pin that popped the big precious metals,” Mr. Rodda ‍added.

CME Group raised margin requirements on precious metal futures after Monday’s market close.

The U.S. Bureau of Labour Statistics said on Monday (February 2, 2026) the closely watched employment report for January would not be released this Friday (February 6) because of a partial shutdown of the federal government.

The House of Representatives, though, was due to convene on Monday (February 2) to take up legislation, with a final vote expected on Tuesday (February 3). Unlike last year’s record 43-day shutdown, which caused an economic data blackout, the Commerce Department is funded until September 30.

Investors expect at least two Federal Reserve interest rate cuts in 2026. Non-yielding bullion tends to perform better in low-interest-rate environments.

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Spot silver rose 2.8% to $81.61 an ounce. It had hit a record high of $121.64 on Thursday (January 29, 2026).

Spot platinum climbed 0.6% to $2,134.10 per ounce after hitting a record high of $2,918.80 on January 26, while palladium lost 0.5% to $1,711.0.