Aniket PujariGold, silver rates today: Gold and silver prices continue their bull run for third session straight on Thursday, February 5, as investors continued buying the metals after sharp fall from record highs.
Spot gold rose nearly 2% to $5,039 per ounce, meanwhile, spot silver surged as much as 6% to $89.34 per ounce, on Thursday, during the Asian trading hours.
At Wednesday’s close, gold prices were about 11% below the all-time high reached on January 29, though the metal remained up 15% for the year. Silver prices also moved higher.
What’s behind the rally in gold and silver prices?
On the geopolitical front, Iran and the United States are scheduled to hold talks on Friday. Meanwhile, US President Donald Trump held extensive discussions with Chinese President Xi Jinping ahead of an anticipated visit to China in April, following Xi’s virtual meeting with Russian President Vladimir Putin.
On the economic side, US private sector hiring fell short of expectations, with ADP data showing just 22,000 jobs were added in January, compared with forecasts of 48,000.
The US Bureau of Labor Statistics said the January employment report will be released on February 11. The data release had been delayed due to a temporary U.S. government shutdown, which ended on Tuesday.
Precious metals surged last month, driven by speculative buying, geopolitical tensions and worries over the Federal Reserve’s autonomy. However, the rally abruptly reversed late last week, as silver suffered its steepest ever single-day fall on Friday, while gold recorded its sharpest drop since 2013.
Rahul Kalantri, VP Commodities, Mehta Equities, believes that Gold and silver prices rebounded from their recent lows, climbing back above $5,000 and $89 respectively, after two consecutive sessions of sharp selling.
“Markets have largely absorbed the nomination of Kevin Warsh as the new Fed Chairman. Safe-haven buying strengthened amid rising geopolitical tensions, after US forces shot down an Iranian drone, although diplomatic talks are still expected to continue. Support also came from a partial US government shutdown and profit-taking in the dollar index from its highs,” Kalantri said.
Gold and silver to recover?
Several banks are betting on a rebound in gold prices. Deutsche Bank AG, was quoted as saying by Bloomberg, on Monday that it remains confident in its call for bullion to surge to $6,000 per ounce.
On the other hand, Goldman Sachs, as quoted by Reuters, still sees upside risk to its $5,400 per ounce gold price target for December 2026, noting that stronger-than-expected private-sector demand could be a key upside surprise.
Should you buy gold or silver amid rally?
According to Ponmudi R, CEO of Enrich Money, COMEX Gold is trading near the $5,000–$5,100 reference zone after cooling off from the sharp spike above $5,000. The recent decline has helped reset momentum indicators, allowing the broader uptrend to gradually re-emerge.
“Prices have stabilised, reclaimed key moving averages, and are now signalling trend resumption rather than exhaustion. Strong buying interest continues to emerge in the $4,600–$4,800 support band, reinforcing this zone as a critical demand base. A sustained consolidation above $5,000 could set the stage for the next leg higher, while a decisive breakout above $5,100–$5,200 would reopen upside toward prior peaks,” Ponmudi said.
On the silver outlook, Ponmudi added that COMEX Silver is consolidating within the $79–$90 zone after testing record highs above $121.6. The metal has regained upward momentum and continues to trade within its broader rising structure.
“Prices are holding above key moving averages, suggesting healthy consolidation rather than trend exhaustion. Support is placed at $74–$80, while a sustained breakout above $100–$105 could trigger the next impulsive move toward $116–$121 over the intermediate term. Structural supply deficits and steady industrial demand continue to underpin the bullish bias,” he said.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
