MW Gold and silver are rallying again ahead of payrolls report

By Steve Goldstein

Gold and silver futures rose on Wednesday.

Gold and silver futures each rallied on Wednesday, with investors assessing the likelihood of Federal Reserve rate cuts as well as geopolitical tensions.

Gold (GC00) shot up 2% to $5,121.80 an ounce, while silver (SI00) gained 6% to $85.46.

Both precious metals continue to recover from their heavy losses on Jan. 29. Gold is down 9% from its peak, while silver is still some 30% away.

The moves come after Tuesday data showed surprisingly weak U.S. retail sales and as traders considered the likelihood of a weak jobs report, after White House counselor Peter Navarro warned Wall Street to prepare for low official jobs growth.

Navarro's comments largely echoed that from Kevin Hassett, director of the National Economic Council, on Monday.

"There has been strong speculation about this employment report, with both White House Adviser Hassett and Trade Adviser Navarro weighing in over the past two days, essentially attempting to manage expectations in case of a downside surprise, further denting risk appetite," said Achilleas Georgolopoulos, senior market analyst at XM.

The dollar tends, but doesn't always move, in the opposite direction to precious metals. That said, the magnitude of dollar weakness pales in comparison to the moves in metals.

It also comes as traders weigh the prospect of U.S. military action with Iran. A report from the Wall Street Journal that the U.S. is considering further tanker seizures, ahead of a visit to Washington from Israeli Prime Minister Benjamin Netanyahu, stirred those tensions.

-Steve Goldstein

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February 11, 2026 06:13 ET (11:13 GMT)

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