Micah Jonah, February 6, 2026
Gold and silver prices climbed on Friday as a sharp selloff in global equities boosted demand for safe-haven assets, while heightened volatility prompted U.S. exchange operator CME Group to raise margin requirements again on precious metals contracts.
Spot gold rose 1.6% to $4,848.25 per ounce by 0758 GMT, as investors sought refuge from turbulence in global markets. However, U.S. gold futures for April delivery edged down 0.4% to $4,870.10 per ounce.
Silver rebounded nearly 2% to $72.44 an ounce after plunging about 10% in early Asian trading to below $65, its lowest level in more than six weeks. The metal had tumbled 19.1% in the previous session and was heading for a second consecutive weekly loss, down almost 15%. Last week’s decline of 18% marked its steepest weekly drop since 2011.
China’s sole silver futures fund, the UBS SDIC Silver Futures Fund, fell by its daily 10% trading limit on Friday, extending its losing streak to six straight sessions.
“There’s all kinds of evidence that risk sentiment in general is weakening,” said Ilya Spivak, head of global macro at Tastylive. “In this environment, gold is kind of holding its own and silver is caving in under the risk-off.”
Global equities extended losses into a third session as the Wall Street selloff deepened, with precious metals and cryptocurrencies experiencing intense volatility. Analysts said the recent correction in bullion prices may also spur renewed buying interest.
“The correction in gold and silver prices came at the right time, just before Chinese New Year, so we could see more buying by Chinese consumers,” said ANZ analyst Soni Kumari, adding that near-term volatility could persist as weaker positions are unwound.
In response to the sharp price swings, CME Group on Thursday increased margin requirements for gold and silver contracts in an effort to mitigate trading risks amid extreme volatility.
Elsewhere in the precious metals market, spot platinum slipped 0.4% to $1,978.71 per ounce after hitting a record high of $2,918.80 on January 26, while palladium rose 0.5% to $1,624.25. Both metals were down on the week.
