Gold steadied, after jumping 2% on Wednesday, with some Asian markets closed for Lunar New Year holidays and traders focused on the Federal Reserve\u2019s next move on interest rates.<\/p>\n
Bullion was near $4 970 an ounce on Thursday, after dip-buyers were active in the previous session following a two-day decline. The market has been unusually choppy since a historic rout at the turn of the month, which pulled gold back from an all-time peak above $5 595.<\/p>\n
![\"\"](\"https:\/\/www.moneyweb.co.za\/wp-content\/uploads\/2026\/02\/449785412-555x342.jpg\")
<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
Fed officials appeared surprisingly wary of cutting rates when they met last month, according to the minutes of the US central bank\u2019s January 27-28 policy meeting, released Wednesday. That could put the central bank on a collision course with Donald Trump, complicating the task of the president\u2019s nominee for chair, Kevin Warsh. Trump has spoken in favour of lower borrowing costs, which would be a tailwind for non-yielding bullion.<\/p>\n
Meanwhile, the dollar was following data underscoring a resilient American economy. US industrial production rose last month by the most in nearly a year, while a separate report showed orders for core capital goods increased by more than expected in December. The Bloomberg Dollar Spot Index, a gauge of the US currency, advanced 0.5% on Wednesday, holding those gains early on Thursday.<\/p>\n
Banks including BNP Paribas SA, Deutsche Bank AG and Goldman Sachs Group, have forecast that gold will resume an upward trend, with many of the factors that underpinned a multiyear rally still intact. Concerns over the Fed\u2019s independence, as well as a wider move away from sovereign currencies and bonds, have supported bullion. Heightened geopolitical tensions have also enhanced its appeal.<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
Traders are watching developments in the Middle East, where nuclear talks between the US and Iran have so far been inconclusive. After negotiations in Geneva this week, a US official said Tehran\u2019s officials would return in two weeks with detailed proposals to address gaps between the two sides, while a report by US-based news website Axios said any US military operation would likely be a weeks-long campaign.<\/p>\n
Spot gold edged down 0.1% to $4 971.04 an ounce as of 11:21 a.m. in Singapore. Silver rose 0.1% to $77.2511. Platinum lost 0.1%, while palladium was up 0.3%.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n