Gold and silver prices opened February showing tentative signs of recovery following a sharp late-January selloff, though markets remained volatile as investors reassessed risk across global equities and commodities.
In early trading today, gold opened at $6,747 an ounce, while silver was at $109. The modest rebound followed several turbulent sessions that culminated in a steep pullback on Jan. 30, when bullion prices reversed abruptly after a strong advance earlier in the week.
Gold had surged to roughly $7,670 CAD before plunging in the Jan. 30 selloff to a low near $6,661, with losses unfolding in minutes rather than hours. Silver experienced even sharper moves, retreating from a recent peak near $156 CAD on Jan. 28 to about $115 by the close, erasing a significant portion of its late-January gains. The rapid reversals underscored a stop-and-start trading pattern, with prices responding quickly to shifts in sentiment rather than following a sustained trend.
Market analysts say the recent behaviour highlights a shift in how bullion is trading. Rather than acting solely as a defensive asset, gold has shown increasing sensitivity to speculative positioning and broader risk appetite. That dynamic has introduced sharper intraday swings, complicating decision-making for both investors and collectors.
Despite the volatility, bullion remained a focal point for dealers and collectors at the Paris Coin Show on Feb. 1, where precious metals continued to attract strong interest. Several dealers reported active buying and selling, with price fluctuations prompting both profit-taking and selective accumulation.
The uneven rebound in bullion prices came as global equity markets attempted to stabilize following several sessions of declines, with investors weighing mixed economic signals and ongoing uncertainty in international trade and monetary policy. For now, precious metals appear caught between their traditional role as a store of value and their growing exposure to short-term market forces.