Gold and silver prices rise amid dollar weakness and Iran talks

Gold and silver prices saw significant gains on February 6, 2026, driven by a slight weakening of the US dollar and concerns surrounding the ongoing nuclear talks between the United States and Iran. These talks, facilitated by Oman, have raised hopes for a potential agreement, easing fears of further escalation in the Middle East.

Spot gold prices increased by 3.9%, reaching $4,954.92 per ounce, following a volatile trading session in Asia. This rebound marks a 2% increase for the week, after gold dropped 3.9% in the previous day’s trading. US gold futures for April delivery closed up 1.8% at $4,979.80 per ounce. The dollar index (DXY) fell by 0.2%, making gold more affordable for overseas buyers.

Analysts, including Jim Wyckoff from Kitco Metals, noted that gold’s recovery is mainly driven by speculative buying, though the market lacks momentum for significant gains. Wyckoff mentioned that gold is unlikely to reach new highs unless there is a major geopolitical catalyst.

Meanwhile, silver prices rebounded by 8.6%, reaching $77.33 per ounce, after dipping below $65 early in the session. Despite the recovery, silver remains on track for a weekly decline of 8.7%, following last week’s sharp drop.

Silver has seen a surge in speculative buying, and Wyckoff noted that both gold and silver appear to be entering a ‘downturn’ phase, similar to typical cycles in commodity markets.

The CME Group, the world’s largest derivatives exchange, raised margin requirements for both gold and silver futures for the third time in two weeks, aiming to reduce the risk from increasing market volatility.

Platinum and palladium also saw price increases, with platinum rising 5.4% to $2,093.50 per ounce and palladium increasing by 6.2% to $1,717.05 per ounce.