LONDON, Feb 10, 2026, 15:40 GMT — Regular session
- Spot gold stabilized after a brief dip below $5,000
- Steady U.S. retail sales have kept hopes for rate cuts alive
- Markets are eyeing payrolls data on Wednesday and the CPI report due Friday
Gold prices held steady above $5,000 on Tuesday after a brief dip, as traders awaited key U.S. jobs and inflation reports due later this week. Spot gold edged up 0.1% to $5,058.86 an ounce by 1438 GMT, recovering from an earlier low of $4,985.99. Meanwhile, April U.S. gold futures rose 0.1% to $5,084.10. “We’re seeing a consolidation ahead of a bevy of key economic data coming out later this week,” said David Meger, director of metals trading at High Ridge Futures. Market expectations include two 25-basis-point rate cuts from the Federal Reserve this year — a scenario that usually supports gold since it doesn’t yield interest. (Reuters)
Gold has turned into a straightforward gauge for U.S. rate expectations. When traders anticipate looser policy, the “opportunity cost” of holding gold drops since cash and government bonds lose some of their appeal.
The $5,000 mark has become a psychological barrier. When prices climb above it, momentum buyers jump in; when they dip near it, sellers get nervous and bargain hunters move fast.
U.S. retail sales held steady in December, defying expectations after climbing 0.6% in November, according to a Commerce Department report. Analysts had predicted a 0.4% gain. The “core” retail sales figure, excluding autos, gasoline, building materials, and food services, dipped 0.1%. Data collection is still being affected by last year’s government shutdown delays. (Reuters)
Gold jumped on Monday as the dollar took a hit, easing the price pressure for buyers outside the U.S. Spot gold climbed 1.9% to $5,056.21 by 1835 GMT, while April futures closed up 2% at $5,079.40 after the dollar slid 0.8% to its lowest level in over a week. Bart Melek, global head of commodity strategy at TD Securities, pointed to the dollar as the key driver, noting rising bets on weaker economic data, especially in the labor sector. Meanwhile, China’s central bank kept up its gold purchases for the 15th month running in January. (Reuters)
Investment product inflows are boosting support, especially in major physical markets. In January, Indian gold exchange-traded funds saw inflows soar to 240.4 billion rupees ($2.65 billion), more than double the previous month and surpassing equity mutual fund inflows for the first time, according to AMFI data. “We saw extreme volatility in the markets in January,” said Venkat Chalasani, CEO of the Association of Mutual Funds in India, citing policy shocks from Washington. (Reuters)
After steep gains the day before, other precious metals eased back, showing how quickly this market segment can shift when positions become crowded.
The risk for gold is clear-cut. Should payrolls or inflation come in hotter than forecast, traders might scale back their rate-cut expectations. This would boost the dollar and bond yields, dragging gold prices down below $5,000.
The next hurdle is the delayed U.S. nonfarm payrolls report dropping Wednesday (Feb. 11), followed by January’s consumer price data on Friday (Feb. 13).
