Gold and silver prices have been extremely volatile this week — swinging from historic highs to steep sell-offs and then to sharp rebounds:

• After recent deep declines triggered by macroeconomic shocks and policy signals, gold surged today, posting its biggest daily gain since 2008, with spot gold climbing back toward ~$4,900/oz as buyers stepped in at lower levels. Silver also rebounded strongly, jumping around 8–10% on the day. �

The Guardian +1

• The rebound helped stabilize broader markets; equities in the U.S. and Europe rose as risk sentiment improved. Gold and silver futures resumed ascent alongside a rebound in risk assets. �

Investopedia +1

• Analysts note that oversold conditions and value buying pushed bullion prices up after a dramatic sell-off, which followed unexpected policy developments — including shifts in U.S. Fed leadership expectations. �

Al Jazeera

🌀 What’s Driving the Volatility?

Precious metals have been whipsawed by a mix of factors:

• Policy & macro headlines: Speculation over Federal Reserve direction, U.S. political decisions, and shifting interest rate expectations have caused rapid swings in safe-haven demand.

• Leveraged positions and margin changes: Forced liquidations and changing futures market margins magnified price moves in both metals.

• Investor sentiment: Risk appetite returning to equity markets has reduced extreme safe-haven flows, helping gold and silver recover after dramatic corrections. �

Al Jazeera

🇵🇰 Local Pakistan Rates — Gold & Silver Today

Precious metal prices in Pakistan are also reflecting international trends with strong intra-day swings:

📊 Gold (24K) prices today — Feb 3, 2026

  • Per tola: ~Rs. 514,362 (sharp rebound from recent lows)

  • Per 10g: ~Rs. 440,982

This mirrors international gold climbing and local market demand picking up after recent sell-offs. �

Pkrevenue.com

📊 Silver prices today — Feb 3, 2026

  • Per tola: ~Rs. 9,146

  • Per 10g: ~Rs. 7,841

  • International silver also rebounded, supporting local rates. �

Pkrevenue.com

Note: Some local sources have reported earlier price corrections and volatility yesterday, indicating sharp sell-offs before today’s recovery. �

MM News

📌 In Summary

Gold and silver markets remain in a highly turbulent phase — marked by extreme swings and rapid changes in investor sentiment. After recent historic drops from record highs, both metals bounced back strongly today, driven by bargain hunting, macro reactions, and shifting market expectations. Local markets — including Pakistan — are mirroring this volatility, with prices climbing again after earlier sharp losses.

If you’re following or trading precious metals, be prepared for continued volatility as global policy news and risk sentiment evolve.

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