UK Gold Market Report - 02 February 2026
Monday, 02 February 20260
Short-term correction ongoing but long-term uptrend supported by central bank demand and uncertainty; expect volatility.
Gold Movement
-4.47%
Market Trend
down
Outlook
Bullish
Key Market Drivers
- Recent sharp correction after record highs above $5600/oz
- Profit-taking and margin calls on leveraged positions
- New Fed chair nomination boosting USD and hawkish expectations
- Speculative overheating in gold and silver markets
- UK Bank Rate cuts to 4.5% but bumpy inflation path
Market Insights
Gold hit record $5596/oz last week before 17% peak-to-trough drawdown[2]
Yearly gain remains strong at ~82% YOY despite recent plunge[3]
Historical GBP price ~£2488 (Nov 2024 data), implying current ~£3625 at 1.46 USD/GBP[1]
Market Outlook
Short-term correction ongoing but long-term uptrend supported by central bank demand and uncertainty; expect volatility.
Best Prices
Half Sovereign
£429.80
at BullionByPost
Gold Sovereign
£848.50
at BullionByPost
Double Sovereign
£1716.00
at BullionByPost
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