Gold and silver are surging sharply higher today as precious metals regain momentum after a volatile start to February. By late morning in New York (around 11:57 AM ET), gold futures were up about 7.1% to $4,983/oz, while silver futures jumped roughly 12.9% to $86.93/oz, marking one of the strongest single-day rallies in recent weeks. (COMEX pricing, Feb 3, 2026)

5 key drivers behind today’s move

1) Strong defensive demand returning

Precious metals are catching a fresh bid as investors rotate back into safe-haven and defensive assets. Gold and silver often benefit when markets price in heightened uncertainty around financial stability, global risk, or macro policy shifts.

2) Inflation hedge interest remains elevated

Inflation concerns continue to underpin demand for hard assets, even after January’s volatility. Gold in particular remains a primary hedge when investors believe price pressures may stay persistent or reaccelerate.

3) Futures momentum + technical breakout buying

Today’s rally is being amplified by technical strength. Gold’s move back toward the $5,000 zone, combined with silver’s break above $85, likely triggered algorithmic buying and renewed speculative positioning. Breakouts at major levels often accelerate upside moves quickly.

4) Treasury yield shifts supporting metals

Intraday stabilization or declines in real yields can boost the appeal of non-yielding assets like gold and silver. Traders are continuing to monitor whether the broader interest-rate environment is becoming less restrictive, which would improve the relative attractiveness of metals.

5) Volatility + positioning dynamics

After recent sharp swings, positioning across futures markets remains reactive. Large upside sessions like today often reflect a combination of short covering, forced repositioning, and momentum chasing — especially in silver, which tends to exaggerate gold’s moves due to thinner liquidity and higher volatility.

What to watch next (simple checklist)

• Fed commentary and policy signals: any shift in rate expectations can move metals fast
• Dollar index direction: a stronger USD can pressure precious metals
• Treasury yield movement: real yields remain a key driver
• ETF flows and futures positioning: watch whether buyers follow through after today’s breakout
• Whether today’s rally holds into the close: stabilization vs. reversal risk after big moves

Bottom line

Gold and silver are posting a powerful upside session on Feb 3, 2026, with gold up more than 7% and silver nearly 13%, driven by renewed safe-haven demand, inflation hedging interest, technical breakout momentum, and highly volatile futures positioning.