It’s been another week of strong volatility in precious metals prices.
Gold, silver and platinum have posted new all-time highs in 2026, but so far February has been more choppy seas than smooth sailing. A complex web of push-and-pull factors are at play in the precious metals market.
Let’s take a look at what got spot prices moving over the past week.
Gold price
After hitting a record high of close to US$5,600 per ounce, gold closed January by embarking on one of the biggest price slides it’s seen in decades, dropping as low as US$4,400 for a significant loss of more than 21 percent.
Although the spot price for gold was once again back above the key psychological US$5,000 mark in early morning trading on February 4, the next day it had pulled back again, falling as low as US$4,685 near the end of the day.
Demonstrating volatility, gold closed out last week with a swing to the upside, hitting an intraday high of US$4,966.
By Monday (February 9), gold was once again trading above US$5,000 and managed to stay above the key support level into Wednesday (February 11) with an intraday high of US$5,114 as of 1:20 p.m. PST.
Gold price chart, February 4, 2026 to February 11, 2026.
The primary drivers for gold this past week are:
Gold at record levels was bound to lead to profit taking for those who bought in at much lower prices. Dip buying is also helping to support a rebound in prices as buyers step in on pullbacks, demonstrating confidence in the long-term upward trend for the metal.
US monetary policy uncertainty continues to influence the price as market watchers try to anticipate which direction Kevin Warsh, President Donald Trump’s US Federal Reserve chair nominee, will take this year. Thought of as a monetary policy hawk, Warsh isn’t expected to make policy decisions based on the vibe coming out of the White House.
Late last week, the US dollar strengthened to a two week high against a basket of currencies. This led to a drop in demand for gold as holding the yellow metal, typically priced in US dollars, became a more expensive prospect among foreign buyers.
In other gold news, the People’s Bank of China reportedly added 1.24 metric tons of gold to its holdings in January, marking a 15th consecutive month of gold purchases for the central bank.
As for the gold-mining sector, the biggest news is Barrick Mining’s (TSX:ABX,NYSE:B) plan to spin off its North American gold assets, including its joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as its wholly owned Fourmile discovery in Nevada. An initial public offering is targeted for completion by late 2026.
Silver price
The silver price has tracked gold on these macro trends.
The white metal posted an all-time high of more than US$121 per ounce on January 29, but on February 5 it followed gold on its downward slide, nearly falling below US$65. By the end of the next trading day, the price of silver had recovered to US$77.80. Since Monday, prices for the white metal have managed to gain ground, rising from US$80 level to an intraday high of US$86.19 as of 1:20 p.m. PST on Wednesday.
Silver price chart, February 4, 2026 to February 11, 2026.
In addition to the macro factors influencing gold this past week, volatility in the silver market has also come from the ups and downs in the artificial intelligence (AI) sector. Silver, the most electrically and thermally conductive metal on the planet, is considered a key material for AI tech, particularly in data centers and high-performance computing.
AI stocks experienced a slide late last week after investors decided the high CAPEX costs associated with the emerging technology might not be worth it in the long run.
In other silver news, Chinese billionaire trader Bian Ximing has taken a bearish turn on silver, and is building the Shanghai Futures Exchange’s largest-known net short position in silver.
Platinum price
Platinum hit a high of US$2,816 per ounce on January 29. After tracking its precious metal sisters down as low as US$1,826.90 on February 5, the metal was back above US$2,100 the next day. For the first part of this week, platinum has traded above US$2,090, reaching an intraday high of US$2,202 on Wednesday as of 1:20 p.m. PST.
Platinum price chart, February 4, 2026 to February 11, 2026.
Platinum is one of the top-performing metals over the past year, reaching 12 year highs in recent weeks. Demand is being driven by the metal’s essential role in the emerging hydrogen economy. Its also still seeing robust demand from the auto sector despite the emergence of electric vehicles and uneasy consumer confidence in the economy.
On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer, South Africa, continues to be plagued by power shortages and operational disruptions.
This week, Reuters reported that despite major producers such as Valterra Platinum (LSE:VALT,JSE:VAL,OTCPL:AGPPF) and Impala Platinum Holdings (OTCQX:IMPUF,JSE:IMP) experiencing surging profits, the companies will be prioritizing shareholder payouts over investing in new projects.
Palladium price
Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.
On February 5 it came along for the slide, falling as low as US$1,585. After a rebounding above the US$1,700 level on February 6, the precious metal has managed to maintain its prices above that mark for much of this week.
Palladium price chart, February 4, 2026 to February 11, 2026.
The palladium price is being held down by a slump in demand for electric vehicles and a looming oversupply situation. Analysts at Heraeus Precious Metals predict that the palladium market may move into a surplus in 2026 as secondary supply from recycling increases by 10 percent.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.