Gold and Silver Rebound After Recent Market Correction
Gold and Silver Rise Again: Latest Prices Today
After reaching record highs last week and then retreating to early January levels amid selling pressure, gold and silver prices returned to an upward trend on Tuesday, partially offsetting recent losses.
Gold Price Movement
Gold, which had hit historic highs amid geopolitical tensions and tariff war expectations, entered a correction last Friday. After a 13% rise in January, prices fell, returning to early-month levels. The trend shifted Tuesday:
- International: Rose to $4,856/oz before correcting to ~$4,820/oz.
- Domestic (Turkey): Climbed to 6,789 TL/gram before easing to ~6,737 TL/gram.
Silver Recovers Part of Its Losses
Silver, which reached a record $119/oz last week, remains well below its peak after a sharp correction. It is currently trading around $83 per ounce, highlighting ongoing high volatility.
Reasons Behind the Previous Rally
Last week's record rally saw spot gold hit $5,598/oz. Key drivers included:
- Significant weakening of the U.S. dollar index.
- Rising tensions between the United States and Iran.
- Potential for renewed tariff wars under U.S. President Donald Trump.
In Turkey, gold per gram soared to 7,811 TL during this period.
Profit-Taking and the Fed’s Influence
The subsequent pullback was driven by widespread profit-taking. Additional pressure came from the appointment of Kevin Warsh as Federal Reserve Chair, viewed as a reliable candidate, which reduced safe-haven demand.
Focus Shifts to the U.S. Government
The U.S. Department of Labor announced the January employment report will not be released this Friday due to a partial federal shutdown. A final budget vote is expected Tuesday. Approval of funding raises hopes major data disruptions, like last year's 43-day shutdown, may be avoided.
Analysts state further price movements will depend on U.S. policy decisions, dollar strength, and geopolitical developments.
