Gold prices eased on Tuesday, February 10, 2026, pulling back from last month’s record high as improved risk appetite lifted global equities and investors turned their attention to a critical week of delayed U.S. economic data that could reshape expectations for Federal Reserve interest rate policy.
Spot gold fell 0.2% to $5,055.29 per ounce by 1045 GMT, retreating from the all-time high of $5,594.82 reached on January 29. U.S. gold futures for April delivery remained steady at $5,078.10 per ounce. The modest decline came as Asian stocks advanced, led by an extended rally in Tokyo following Japanese Prime Minister Sanae Takaichi’s decisive election victory over the weekend.
“The start of the week has been marked by a resurgence in risk appetite across financial markets, reflected in gains in equity indices, which has weighed on gold prices,” said ActivTrades analyst Ricardo Evangelista.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
The U.S. dollar edged up 0.1%, making dollar-denominated commodities more expensive for holders of other currencies and adding further pressure on bullion. Non-yielding gold tends to perform well in low-interest-rate environments, and traders are now closely watching this week’s U.S. data releases for fresh clues on the Fed’s path.
The January nonfarm payrolls report—delayed by last week’s partial government shutdown—is now scheduled for Wednesday morning. Economists polled by Dow Jones expect a gain of 60,000 jobs, following December’s modest 50,000 increase, with the unemployment rate projected to remain steady at 4.4%. The January consumer price index (CPI), also postponed by the shutdown, is due Friday morning, with consensus forecasts calling for the annual inflation rate to ease to 2.5%. Additional releases include December retail sales on Tuesday and weekly initial jobless claims on Thursday.
A full lineup of Federal Reserve speakers, including Governors Christopher Waller and Stephen Miran on Monday, will add to the week’s significance. Market pricing, according to CME Group’s FedWatch tool, reflects expectations for two rate cuts by the Federal Reserve in 2026.
Evangelista maintained a bullish longer-term outlook for gold: “The outlook for gold prices remains bullish, against a backdrop of geopolitical and economic uncertainty and the prospect of at least two Federal Reserve interest rate cuts in 2026, which create a headwind for the U.S. dollar.”
White House economic adviser Kevin Hassett added context on Monday, stating that U.S. job gains could moderate in the coming months due to slower labor force growth and rising productivity—factors that could influence Fed policy and, by extension, gold’s appeal as a non-yielding safe-haven asset. The pullback in gold follows a remarkable rally earlier in the year, driven by persistent inflation concerns, geopolitical risks (including U.S.-China tensions and Middle East instability), sustained central bank buying, and surging demand for AI-related energy infrastructure.
Spot silver slipped 1.2% to $82.39 an ounce after rising nearly 7% in the previous session. Platinum shed 1.4% to $2,093.30 per ounce, while palladium lost 0.4% to $1,734.49. Broader market dynamics also played a role. Improved risk appetite lifted equities, reducing demand for traditional safe havens like gold. The dollar’s slight gain added further pressure, as a stronger currency typically weighs on commodity prices denominated in dollars.
Investors are now focused on this week’s data flow. A stronger-than-expected payrolls print combined with sticky inflation could reinforce expectations of a patient Fed, supporting higher yields and capping gold’s upside. Conversely, softer labor and inflation figures would likely revive rate-cut bets, providing a tailwind for bullion.
The week’s releases arrive against the backdrop of ongoing Fed leadership uncertainty following President Trump’s nomination of Kevin Warsh to succeed Jerome Powell. Warsh’s hawkish reputation has contributed to recent yield firmness and a reassessment of the rate-cut outlook.
As markets digest these crosscurrents, gold’s near-term trajectory will likely hinge on whether upcoming U.S. data reinforces economic resilience or signals the need for more accommodative policy.
With geopolitical risks and central bank demand remaining supportive factors, many analysts continue to see gold’s longer-term outlook as constructive despite periodic corrections. The current easing appears technical and sentiment-driven rather than a fundamental shift, leaving room for renewed upside if the data calendar delivers dovish surprises.