Gold, silver rates today: Comex gold jumps $113/oz; silver gains $6/oz after strong US jobs data
Gold and silver prices held firm in Wednesday’s trading session, despite an upbeat US jobs report that dampened expectations of swift Federal Reserve rate cuts.
Earlier in the day, the April futures contract on Comex surged $113 per troy ounce to hit an intraday high of $5,144. At current levels, prices are trading at $5,104.
The delayed January jobs report beat expectations, providing some optimism to investors that the economy remains on a firm footing.
In January, the United States added 130,000 jobs, the Department of Labor said, significantly higher than the 55,000 predicted in surveys by Dow Jones Newswires.
The latest figure also marked a sizable increase from December, which was downwardly revised to 48,000. The jobless rate inched lower to 4.3% from 4.4% in December.
Investors expect at least two 25-basis-point rate cuts in 2026, according to CME Group’s FedWatch tool. Bullion tends to thrive in a low-interest-rate environment, as it is a non-yielding asset.
Silver prices hold strong
March silver contracts on Comex have also been holding firm at around $85 per ounce on 11 February. Earlier in the day, prices touched a high of $86.10, marking a $5.8 jump from the previous close of $80.38.
Though silver prices have shown strength lately, the metal still trades 30.6% below its record high of $121.78.
A recent report from the Silver Institute suggests that the bullish rally in the white metal could resume, as demand is expected to surpass supply, keeping the silver market in deficit for the sixth straight year in 2026.
In addition, the report stated that the underlying drivers that supported silver throughout much of 2025 have remained firmly in place so far this year. These include a tight physical supply in London, a volatile geopolitical backdrop, US policy uncertainty, and concerns over the Federal Reserve’s independence.
The report added that total global silver supply is forecast to increase by 1.5% in 2026, reaching a decade-high level of 1.05 billion ounces.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
