UK Gold Market Report - 03 February 2026
Tuesday, 03 February 20260
Volatile short-term with potential stabilization; medium-term bullish if diversification trends continue, but risks from stronger USD and rates.
Gold Movement
-2.32%
Market Trend
down
Outlook
Bullish
Key Market Drivers
- Kevin Warsh Fed Chair nomination boosting USD
- Forced liquidations and margin increases
- Unprecedented volatility post-record highs
- Hawkish Fed comments reducing rate cut expectations
- Stronger dollar from economic data
Market Insights
Gold crashed 21% from $5600 record high, now ~$4700 USD
UK spot prices around £2488-£2490 per oz from older data
Market Outlook
Volatile short-term with potential stabilization; medium-term bullish if diversification trends continue, but risks from stronger USD and rates.
Best Prices
Half Sovereign
£441.10
at BullionByPost
Gold Sovereign
£870.80
at BullionByPost
Double Sovereign
£1761.00
at BullionByPost
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