#GoldAndSilverRebound

Gold and silver have experienced dramatic volatility recently, with sharp peaks, historic sell-offs, and strong rebounds in early February 2026.
Gold (XAU/USD) Price Movement
Peak before the drop: Gold hit an all-time high of around $5,600–$5,608 per ounce in late January 2026 (some sources cite highs near $5,598 or $5,608).
Major correction/sell-off: Prices plunged sharply, dropping as much as 21% from the peak in a rapid correction. This included a nearly 10% single-day drop (one of the largest in decades) around late January/early February, pushing prices down to lows in the mid-$4,000s (e.g., around $4,423–$4,650 in some sessions).
Recent rebound: Gold staged a powerful recovery, with one of the biggest daily gains since 2008 (over 6% in a session). It climbed back above the key $5,000 per ounce level. As of the latest data (around February 3–4, 2026), spot gold is trading in the range of approximately $5,040–$5,070 per ounce (e.g., ~$5,057–$5,066 in recent quotes, up 2%+ daily in rebounds).
This rebound was driven by dip-buying after the over-correction, persistent safe-haven demand, central bank interest, and factors like a weakening dollar in parts of the move.
Silver (XAG/USD) Price Movement
Peak before the drop: Silver reached highs around $118–$121 per ounce in January 2026.
Major correction/sell-off: Silver saw even more extreme volatility, with drops of up to 40% from peaks (including a record ~27–30% single-day plunge in one session, the worst since 1980). This pushed prices down sharply, with leveraged positions unwinding.
Recent rebound: Silver led the recovery in percentage terms, surging over 10–11% in sessions (e.g., up significantly after the crash). Current spot silver is around $86–$88 per ounce (e.g., ~$86.90–$87.89 in recent quotes, with gains of 2%+ daily).
Silver's moves often amplify gold's due to its dual role (safe-haven + industrial demand from solar, EVs, etc.), making rebounds sharper but also more volatile.
Summary of the Full Sequence
Where they were before the rebound (late January/early February lows after the crash): Gold ~$4,300–$4,700 range; Silver much lower (down 30–40% from peak, implying mid-$60s or below in the trough).
Where they are now after the rebound (early February 2026): Gold back solidly above $5,000 (~$5,050+); Silver around $87+.
Overall context: Despite the wild swings (including a "historic wipeout"), both metals are still up significantly year-to-date (gold ~75–76% YOY in some metrics, silver even higher at ~168–169%). Analysts remain bullish longer-term, with forecasts like J.P. Morgan eyeing $6,300 for gold by late 2026, citing central bank buying and structural demand.