Gold and silver extend gains on softer dollar
Published Mon, Feb 9, 2026 · 09:46 AM
[BENGALURU] Gold and silver extended gains on Monday (Feb 9) as the US dollar weakened, while investors awaited a key US labour market report due later in the week to gauge the interest rate trajectory.
Spot gold rose 1.4 per cent to US$5,029.09 per ounce by 8.37 am after a near 4 per cent climb on Friday. US gold futures for April delivery gained 1.4 per cent to US$5,051 per ounce.
Spot silver was up 2.5 per cent after a 10 per cent gain in the previous session.
The US dollar was at its lowest level since Feb 4, making greenback-priced metals cheaper for overseas buyers.
Asian stock markets leapt higher as a resounding win for Japanese Prime Minister Sanae Takaichi whetted appetites for more reflationary policies, while there was widespread investor relief at Wall Street’s last gasp rebound.
US Treasury Secretary Scott Bessent said on Sunday he would not expect the US Federal Reserve to move quickly to shrink its balance sheet, even under Fed chief nominee Kevin Warsh, who has criticised the US central bank’s bond purchases.
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San Francisco Fed president Mary Daly said on Friday that she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market.
Investors expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Non-yielding bullion tends to do well in low-interest-rate environments.
Investors are awaiting the nonfarm payrolls report for January, due on Wednesday, for more cues on the Fed’s monetary policy path. The report was delayed from last week due to a four-day partial government shutdown that has now ended.
Recognition of Iran’s right to enrich uranium is key for nuclear talks with the US to succeed, Foreign Minister Abbas Araqchi said on Sunday. American and Iranian diplomats held indirect talks in Oman on Friday, aimed at reviving diplomacy amid a US naval buildup near Iran.
Spot platinum rose 1.8 per cent to US$2,134.18 per ounce, while palladium gained 1.8 per cent to US$1,737.75. REUTERS
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