#黄金白银反弹 Gold and Silver Experience Historic Sell-Offs and Strong Rebound

On February 3, 2026, gold and silver prices rebounded strongly after experiencing historic crashes. Spot gold surged over 6% in a single day, breaking through $4,980 per ounce; silver rose over 10%, surpassing $88.83 per ounce.
This rebound was driven by technical buying, a retreat in the US dollar, and market sentiment recovery. NYMEX gold futures briefly broke the $5,000 mark, and silver futures increased by 13.95%.

1 Price Volatility: Gold plummeted from a high of $5,600 at the end of January to $4,400, then rebounded over 6% on February 3; silver, after dropping 39.6% on January 31, rebounded over 10% on February 3.
2 Market Response: Global mining stocks and ETFs rose in tandem, with the European Stoxx 600 Resources Index up over 2%, US Silver ETFs pre-market up 16%, and shares of multiple mining companies increasing by more than 8%.
3 Institutional Views: Deutsche Bank considers the crash a short-term correction, with long-term investment logic unchanged; Barclays notes that geopolitical risks support gold’s resilience, and industrial demand for silver (such as AI infrastructure) provides fundamental support.
4 Policy Adjustments: The Shanghai Gold Exchange raised gold contract margins to 17% on February 3 and lowered silver contract margins to 23% to cope with market volatility.
5 Market Outlook: Analysts are divided; Citigroup predicts gold prices may fall back to $4,000, while JPMorgan has raised its year-end target to $6,300, emphasizing the long-term support from central bank gold purchases and de-dollarization trends.