Gold, Silver Prices Crash: US Dollar Strength, Weak Equities Drive Precious Metals Down

• Gold and silver prices continued their fall on Friday, February 6, driven by a strong US dollar, weak global equities, and rising risk-off sentiment.
• Spot gold fell 0.7% to $4,735.99 per ounce, while US gold futures for April delivery dropped 2.8% to $4,752.40 per ounce.
• Spot silver saw an even sharper decline of 3.2% to $68.97 per ounce, briefly touching below $65 per ounce, its lowest in 1.5 months.
• The decline is linked to turmoil in broader financial markets, including a more than 1% fall in the MSCI World Equity Index due to selling in global tech stocks.
• Weak US labor data (JOLTS report) suggests potential Federal Reserve interest rate cuts in 2026, with the first possible in June, but this did not immediately support gold.