Gold prices have experienced extraordinary volatility and upward momentum in the opening weeks of 2026, with the spot price rebounding sharply to trade in the $4,940–$4,970 per troy ounce range as of February 4, 2026. After a steep pullback earlier in the week—marking one of the sharpest two-day declines in recent memory—gold staged a powerful recovery, posting daily gains of around 6% in some sessions. This rebound pushed prices back toward recent highs near $5,000, reflecting renewed safe-haven buying amid persistent global uncertainties.
Live data from major platforms like Kitco, JM Bullion, Trading Economics, and COMEX futures show the metal trading at approximately $4,945–$4,960 per ounce in recent hours (with minor fluctuations depending on the exact timestamp and source). This level represents a remarkable year-to-date performance, building on gold's already historic 2025 rally, where it climbed over 60–70% amid escalating geopolitical and economic pressures.
Analysts attribute the current strength to a combination of short-term catalysts and deeper structural drivers. Geopolitical risks remain front and center: ongoing conflicts in Ukraine and the Middle East, fresh tensions involving Greenland, NATO dynamics, Venezuela-related issues, and broader trade uncertainties tied to tariffs continue to fuel demand for gold as a reliable store of value. These flashpoints create an environment where investors seek protection from potential market disruptions, currency volatility, and policy unpredictability.








