Gold climbs back above $5,000 after recent losses
Spot gold rose about 2.5% to $5,070 per ounce by 0645 GMT. The recovery follows a drop on Monday, when prices fell below $4,500 after U.S. President Donald Trump announced former Federal Reserve governor Kevin Warsh as his nominee for the next chair of the Federal Reserve.
Silver prices climbed 3.7% to $88.20 per ounce.
Gold has seen significant volatility in recent weeks but remains sharply higher overall. The metal gained 13.2% in January, marking its strongest monthly performance since September 1999, driven by heightened global geopolitical risks.
Market sentiment has been influenced by renewed tensions between the United States and Europe following Washington’s insistence on purchasing Greenland, as well as expectations that U.S. monetary policy may remain largely unchanged, increasing concerns over potential dollar weakness.
Gold began 2026 at $4,313 per ounce and reached a record high of $5,598 last week.
