On February 5, 2026, the international precious metals market experienced a “roller coaster” fluctuation, with spot gold and silver prices rallying sharply before pulling back rapidly, as market risk aversion and profit-taking sentiment intertwined. As of midday today, spot gold prices fell sharply after breaking through the high of $5,020 per ounce, once falling below $4,860 per ounce, with an intraday drop of 1.79%. New York gold futures also declined to $4,880 per ounce synchronously, down 1.11% intraday, while their early-morning gain once reached 1.14%.
Silver performed even more extremely: spot silver broke through $90 per ounce, rising 2.30% intraday, and New York silver futures soared as much as 5.46%. Subsequently, it pulled back synchronously with gold. The main contract of Shanghai Silver Continuous in China’s commodity futures market fell 2% intraday to 22,222 yuan. Industry analysts believe that the current volatility of precious metals is mainly affected by geopolitical situations, the trend of the US dollar and market profit-taking behavior. The news of the resumption of US-Iran nuclear negotiations has eased market risk aversion, putting pressure on prices. In addition, after Kevin Warsh was nominated as the next Federal Reserve Chairman, his proposition of “simultaneous balance sheet reduction and interest rate cuts” subverted market expectations of monetary easing, promoting a phased rebound of the US dollar index, which also suppressed precious metals prices.
At the same time, China’s commodity futures market adjusted synchronously. The main contract of Shanghai Tin Continuous fell 4% intraday to 376,890 yuan, further reflecting the volatile pattern of the commodity market. It is worth noting that domestic exchanges have taken preventive and control measures in advance, raising the margin ratio for related varieties. Currently, the ratio of margin to intraday price limit for precious metals and industrial metals is generally maintained at around 2:1, effectively reducing the risk of investor margin calls. Experts remind that the current volatility of the precious metals market has intensified, and the short-term trend is more uncertain. Investors should remain cautious, avoid blindly chasing highs, reasonably control positions, and guard against investment risks brought by price corrections.
