Gold futures on the COMEX division of the New York Mercantile Exchange saw narrow-range movement on the 10th, ultimately closing with modest losses. The most active April 2026 gold contract fell by $36.3 to settle at $5,047.0 per ounce, a decline of 0.71%.

Following recent price rebounds, short-term traders engaged in profit-taking, which weighed on both gold and silver prices during the session. Additionally, cautious sentiment ahead of key economic data releases—including the U.S. nonfarm payrolls report on the 11th and inflation figures on the 13th—prompted some position adjustments in the precious metals market.

Although recent sharp price swings have raised concerns about gold's continued role as a safe-haven asset, UBS believes such worries are overblown. The firm noted that despite recent volatility, gold has still gained approximately 16% year-to-date in 2026 and remains a primary beneficiary of geopolitical uncertainty. UBS expects such uncertainty to persist and does not anticipate that Federal Reserve policy will bring an end to gold’s upward trend. The institution forecasts gold prices reaching around $5,900 per ounce by year-end.

In related trading, the March silver futures contract declined by 247 cents to settle at $80.580 per ounce, marking a drop of 2.97%.