- Gold rebounds above $5,000 per ounce after a sharp selloff, recovering part of last week’s losses
- Silver rises sharply, while platinum and palladium see modest gains amid market volatility
- Dip-buyers return as underlying demand drivers and official-sector purchases remain strong
Gold prices surged past the $5,000-per-ounce mark on Monday, February 9, as investors returned to the market following a volatile week for precious metals. The rebound comes after a steep selloff at the end of January, which wiped out a significant portion of gains from a historic rally earlier this year.
Investors are cautiously re-entering positions, betting that the long-term drivers of demand remain intact despite recent market turbulence. During Asian trading, bullion rose as much as 1.7%, recovering part of the ground lost last week. Gold has now regained about half of the value it lost after hitting an all-time high on January 29. Silver also advanced, mirroring the broader uptick in precious metals.
Early trading suggests a meaningful rebound across the precious metals sector, underpinned by renewed buying interest and steady official-sector demand.
While volatility persists, buyers appear to be stepping in at lower price levels. At the time of reporting, gold was trading at $5,009 per ounce, rebounding from a low of $4,768 last week.
Silver rose 5.8% to $82.32, while platinum remained relatively unchanged and palladium saw modest gains. Over the weekend, China’s central bank extended its gold purchases for the 15th consecutive month.
According to the official Securities Times, these relatively small-scale acquisitions are expected to continue, enabling the People’s Bank of China to diversify reserves without causing excessive price swings. This sustained official demand has helped support the broader bull market.
Global precious metals have been on a record-breaking rally since last year, fueled by geopolitical tensions, currency concerns, and uncertainties surrounding the US Federal Reserve’s independence. These factors encouraged investors to seek safe-haven assets, pushing gold and silver to unprecedented highs.
On January 29, 2026, gold reached a new all-time high of over $5,400 per ounce amid heightened economic and geopolitical uncertainty. By the end of January, gold had gained approximately 25% for the year, while silver recorded even more dramatic gains, surging about 63% and briefly topping $120 per ounce.
However, last week saw a sharp correction. Gold fell nearly 10%, while silver lost up to 30% of its value, highlighting the speculative nature of recent price surges.
Silver, in particular, remains highly sensitive to shifts in investor sentiment due to its thinner market and stronger speculative momentum. On Monday, silver rebounded as much as 6%, trading above $82 per ounce.
Investors are closely watching upcoming US economic data, which could influence the Federal Reserve’s next policy moves. The January jobs report, due Wednesday, February 11, is expected to show signs of labour market stabilisation, while Friday’s inflation data may further shape rate expectations.
Adding to uncertainty, US President Donald Trump’s nominee for Federal Reserve chair, Kevin Warsh, recently advocated for a new accord between the Fed and the Treasury, reigniting debates about the central bank’s independence, an issue that historically supports demand for gold.
Gold’s sustained rally has broader implications, including for Nigeria. As of the end of 2024, the country held 687,402 troy ounces of gold (about 21.38 metric tonnes), valued at roughly N3.7 trillion at current prices.
Central banks worldwide continue to play a key role in demand. According to the World Gold Council, seven central banks added at least one tonne of gold to their reserves as of August 2025, while only two reduced holdings. Notable buyers include the Bank of Ghana, which added two tonnes in August, bringing its total year-to-date purchases to five tonnes and total reserves to 36 tonnes, reinforcing gold’s strategic importance as a reserve asset.