Feb 4, 2026, 9:21 a.m02/04/2026, 09:22
Gold and silver prices continue their upward trend after recent turmoil. The price of a troy ounce of gold (around 31.1 grams) rose again to more than 5,000 US dollars on the London Metal Exchange last night.
Just recently the price of gold collapsed.Image: keystone
In the morning the price was $5,067, around $122 or around 2.5 percent higher than the day before. Last Friday and Monday, the price of gold fell sharply and at the beginning of the week it reached its lowest level in almost four weeks at $4,402.
One reason for the turbulence in precious metals is the rapid price movements in the US dollar – triggered, among other things, by the conflict between the US government and the US Federal Reserve. Gold and other precious metals are traded internationally in US dollars. This means: the weaker the dollar, the cheaper it is to buy gold with other currencies such as euros or yen.
Experts expect the price of gold to rise
In addition, there were speculators who had bet on even higher metal prices and were caught on the wrong foot.
A similar price development was also seen for silver. Here the troy ounce was traded at $89.20, around $4 or almost 5 percent higher than the day before. The price of silver fell as low as $71 on Monday amid market turmoil, after hitting a record high of over $121 last Thursday.
Many banks expect the price of gold to recover. Deutsche Bank reiterated its forecast on Monday that the price of gold could rise to $6,000 per ounce over the course of the year. Analysts at the US investment bank Goldman Sachs expect the price of gold to be at $5,400 at the end of the year. (sda/awp/dpa)