Gold rises ahead of Fed minutes; silver jumps nearly 6%

February 2026 gold futures rose 1% to $4,388.5 per ounce

Gold prices recovered somewhat from sharp losses in the previous session, as thin year-end trading exacerbated volatility in financial markets.

On Tuesday, February 2026 gold futures rose 1%, or $44.9, to $4,388.5 per ounce.

Silver futures for March 2026 surged 5.7% to $74.5 per ounce, bouncing back after recording their deepest single-day drop since Aug. 11, 2020, according to Reuters.

Spot gold increased 0.85% to $4,368.84 per ounce, following a decline to its lowest level since December 17, while spot silver gained about 3.4% to $74.58 per ounce, after reaching an all-time high of $83.62 in the previous session.

The dollar index, which measures the US currency against a basket of six major currencies, was largely unchanged, trading at 97.96 points as of 09:16 a.m. Mecca time.

Spot platinum rose 2.55% to $2,164.05 per ounce, following its largest single-day drop on Monday, while palladium fell 1.5% to $1,611.05 per ounce after dropping 16% in the previous session.

Markets are now awaiting the release of the minutes from this month’s Federal Reserve meeting, at which the central bank cut interest rates by 25 basis points amid differing views among policymakers on the outlook for monetary policy and the economy.