Gold climbs back above the US$5,000/oz mark after sharp early-month drop; silver remains volatile

Gold climbed back above US$5,000/oz after falling below US$4,660 early in February, building on a more than 6% surge—its biggest daily jump since 2008—while silver remains highly volatile.

Gold has recovered above US$5,000 per ounce, rebounding after slipping below US$4,660 at the start of February, as bargain-hunters stepped back into the market following a steep pullback.

The move follows a more than 6% jump in the prior session, described by Trading Economics as the largest one-day gain since 2008, underscoring how fast sentiment has swung in early 2026’s precious-metals trade.

Silver’s outperformance narrative—and the ratio signal

Silver has also been marked by extreme swings, but it continues to show relative outperformance versus gold in parts of this rally, pressuring the gold-to-silver ratio lower compared with last year’s elevated levels.

What’s driving the rally

Market commentary has linked the latest surge in precious metals to a mix of geopolitical and economic uncertainty, concerns about currency debasement, and heightened focus on the Federal Reserve’s independence—themes that have supported safe-haven demand even amid violent corrections.