Published Tue, Feb 3, 2026 · 11:14 AM
[BENGALURU] Gold rose more than 3 per cent on Tuesday (Feb 3), rebounding from a near one-month low hit in the previous session, as market participants braced for an absence of key economic data this week due to a partial US government shutdown.
Spot gold climbed 3.7 per cent to US$4,837.16 per ounce by 9.20 am, after touching a near one-month low in the previous session. Bullion scaled a record high of US$5,594.82 on Thursday.
US gold futures for April delivery climbed 4.5 per cent to US$4,859.30 per ounce.
The US Bureau of Labor Statistics said on Monday that the closely watched employment report for January will not be released this Friday because of a partial shutdown of the federal government.
The government partially shut down on Saturday after Congress failed to approve a deal to keep the Labor Department, among other operations, funded. Though the US Senate passed a spending package on Friday, the House of Representatives was out of town.
The House was due on Monday to take up legislation, with a final vote expected on Tuesday. House Speaker Mike Johnson has expressed optimism that the shutdown would end within days.
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The US dollar held onto gains on Tuesday as positive economic readings and shifting expectations for Federal Reserve policy outweighed concerns about the partial US government shutdown.
A stronger US dollar makes greenback-priced gold less affordable for holders of other currencies.
Investors expect at least two Fed interest rate cuts in 2026. Non-yielding bullion tends to perform better in low-interest-rate environments.
US President Donald Trump on Monday announced a trade deal with India that slashes US tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India halting Russian oil purchases and lowering trade barriers.
Spot silver rose 5.9 per cent to US$84.09 an ounce. It hit a record high of US$121.64 on Thursday.
Spot platinum added 3 per cent to US$2,183.64 per ounce after hitting a record high of US$2,918.80 on Jan 26, while palladium gained 2.7 per cent to US$1,765.75. REUTERS
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