Gold Extends Losses

2026-02-05 14:30 By Felipe Alarcon 1 min. read

Gold fell further below $4,820 per ounce on Thursday, extending its pullback as deteriorating US growth and labour signals triggered broad risk reduction rather than a flight to safety.

US companies announced 108.4K job cuts in January, the highest for the month since 2009, while initial jobless claims climbed to 231K, well above expectations, and ADP data showed private payroll growth sharply undershot forecasts.

The run of softer labour indicators reinforced expectations for Federal Reserve rate cuts later this year, with markets still leaning toward a first move in June and another potentially in September.

However, the immediate market response favoured deleveraging across crowded trades, with equities, cryptocurrencies, and silver selling off sharply, weighing on gold through liquidation flows after last week’s outsized rally.

Elsewhere, the ECB and Bank of England left rates unchanged, with a dovish BoE tilt.



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