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Gold Surges Beyond $5,000 Milestone Amid Renewed Rally

4 Feb, 2026

Gold prices rallied over 2% on Wednesday, fueled by safe-haven demand amid escalating Middle East tensions and a softer U.S. dollar. This extension followed Tuesday's 5.9% surge, the largest single-day gain since 2008. Spot gold hit $5,044.74 per ounce in early trade, eyeing its recent peak of $5,594.82.

Geopolitical Risks Drive Demand

U.S. forces downed an Iranian drone near the USS Abraham Lincoln, dampening hopes for upcoming nuclear talks with Iran. Quantitative analyst Peter Fertig noted the market's oversold condition post-Fed chair nominee Kevin Warsh announcement, sparking the rebound.

Friday's selloff—gold down 10%, silver cratering 27%—stemmed from Warsh's hawkish reputation. Yet, expectations of two Fed rate cuts in 2026 bolster non-yielding gold's appeal.

Banks Stay Bullish on Gold

Major banks remain optimistic despite swings. JPMorgan lifted its 2026 forecast to $6,300/oz, while HSBC eyed $5,000 by mid-year amid debt and risks. Saxo Bank's Ole Hansen highlighted cleared support at $4,858, targeting $5,000 next.

Dollar weakness enhances gold's allure for foreign buyers, with investors piling in on global uncertainties.

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