Gold, silver ride India-US deal euphoria, gain up to 10%. What next for investors?

Gold rose, clawing back some losses after the abrupt unwinding of a record-breaking rally that had driven prices down 13% in just two days. Silver also advanced.

Spot gold climbed as much as 4.2% to over $4,855 an ounce, after falling 4.8% in the previous session to extend a slump on Friday that was the steepest in more than a decade. Silver rose as much as 8.1% – taking it above $85 and erasing the previous day’s loss – before paring gains.

“The foundations supporting gold today are largely unchanged from those that prevailed prior to the correction on Friday,” Ahmad Assiri, a market strategist at Pepperstone Group Ltd. said by email. “That said, volatility is likely to remain heightened in the near term as markets continue to digest the recent dislocation and reassess risk appetite.”

Precious metals had plunged from record highs that shocked even seasoned traders. An already-scorching rally accelerated sharply last month, as investors piled into gold and silver on renewed concerns about geopolitical upheaval, currency debasement and threats to the Federal Reserve’s independence.

A wave of buying from Chinese speculators supercharged the rally, but this flipped on Friday as the US dollar rebounded. At Monday’s close, gold was 17% below the all-time peak of $5,595.47 hit on Jan. 29, while silver had declined by more than a third.

The extent to which Chinese investors choose to buy the dip will play a key role in determining the direction of the market. Over the weekend, buyers flocked to the country’s biggest bullion marketplace in Shenzhen to stock up on gold jewelry and bars ahead of the Lunar New Year. China’s markets will be closed for just over a week from Feb. 16 for the holidays. The country’s major state-owned banks are tightening controls on gold investments to manage the volatility.

Some banks have backed gold to recover, with Deutsche Bank AG saying in a note on Monday that it was standing by its forecast for bullion to rally to $6,000 an ounce.

Investors are also monitoring the situation in Iran, after US President Donald Trump said talks over a new nuclear deal could happen in coming days. A diplomatic breakthrough could diminish some of gold’s appeal as a safe-haven investment and pressure prices.

“Both the violent selloff and equally sharp recovery underscore a hypersensitive market driven by abrupt, headline-led emotion rather than clear direction, leaving sharp and uncomfortable volatility as the near-term norm,” Hebe Chen, an analyst at Vantage Markets in Melbourne said by email.

Gold rose 3% to $4,799.77 an ounce at 11:50 a.m. in Singapore. Silver advanced 4.6% to $82.91 an ounce, while platinum and palladium also climbed. The Bloomberg Dollar Spot Index, a gauge of the US currency, edged down 0.2% after ending the previous session 0.3% higher.

Gold's recent "era of sharp, relentless" rallies may be over, based on technical analysis, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. Spot gold broke below its 55-day exponential moving average on Monday for the first time since August 2025, a technical development that typically signals a pause in the prevailing uptrend, the senior technical strategist says. Also, daily moving average convergence divergence indicator has crossed into negative territory and daily relative strength index is unwinding from deeply overbought levels, the strategist notes. These developments suggest that recent strong upward pressure has likely eased for now, the strategist adds. Spot gold is 4.9% higher at $4,886.36/oz. (ronnie.harui@wsj.com)

STOCKHOLM, Feb. 3, 2026 /PRNewswire/ — "During the quarter our production in general has been relatively stable and there are several positive takeaways which we will bring with us into 2026. I believe that the tailwinds we now are experiencing are partly due to external factors but also due to years of dedicated efforts from many people in our organization." - Mikael Staffas, President and CEO

Financials

• Revenues: SEK 28,131 m (25,785)
• Operating profit: SEK 5,798 m (4,098)
• Operating profit excl. PIR*: SEK 4,061 m (3,814)
• Free cash flow: SEK 2,689 m (4,264)
• Earnings per share: SEK 15.31 (10.95)

*Process Inventory Revaluation

Highlights

• Operating profit excluding revaluation of process inventory totaled SEK 4,061 m (3,814)
• Free cash flow was SEK 2,689 m (4,264)
• Earnings per share for the full year was 33.39 SEK (36.65)
• Stronger metal prices, primarily for precious metals
• Operating profit of SEK 3,174 m (1,152) in Mines, a new quarterly record
• Lower grades in Mines overall, both versus the previous quarter and the fourth quarter of 2024
• Continued strong mine production in Aitik
• Stable production in Smelters
• Record high production of copper cathodes in Harjavalta
• The Board of Directors proposes an ordinary dividend of SEK 11.00 (-) per share

The Interim Report will be presented via webcast/conference call on Tuesday, February 3 at 09:30 (CET). Information is available at www.boliden.com.

For further information, please contact:

Olof Grenmark

Director Investor Relations

+46 70 291 57 80

olof.grenmark@boliden.com

This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Investor Relations, at 07:45 CET on February 3, 2025.

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SOURCE Boliden

Iron ore futures fell below CNY 790 per ton on Tuesday, drifting back toward one-month lows as pre-holiday steel demand weakened and global supply increased.

Chinese steel mills trimmed purchases ahead of the extended Lunar New Year holiday while preparing for scheduled maintenance, dampening near-term demand.

Port activity in China also softened, with industry data showing lower transaction volumes, suggesting mills are relying less on spot cargoes.

Port inventories rose 1.16% in the latest week, according to Steelhome data, while shipments from Australia and Brazil accelerated in late January, adding to supply pressures.

Elsewhere, China is reportedly helping Algeria reopen the Gara Djebilet mine, North Africa’s largest iron ore deposit.

Meanwhile, Australian miner Strike Resources signed a memorandum of understanding with Peruvian shipping company Naveria Petral for the proposed San Nicolas port project on Peru’s southern coast, aimed at supporting future iron ore exports.

Malaysian palm oil futures fell for a second straight session on Tuesday, slipping below MYR 4,200 per tonne and hovering near their lowest in a week as markets reopened after a holiday.

Prices were rattled by weakness in Dalian edible oils and a firmer ringgit.

Sentiment was further weighed down by weak official PMI data from China, a key consuming country, raising concerns about near-term demand.

However, losses were partly capped by stronger import data from top buyer India, where palm oil imports surged 51% in January to a four-month high, as the tropical oil’s deep discount to rival soyoil encouraged refiners to ramp up purchases.

Turning to Indonesia, the world’s largest producer, the statistics bureau reported exports of 23.61 million metric tons of crude and refined palm oil in 2025, up 9.1% year on year.

Meanwhile, Malaysian palm oil product exports rose 17.9% in January to 1.46 million metric tons from December, according to Intertek Testing Services.

Petronas appears cautious on its 2026-2028 activity outlook amid near-term pressures from softer oil prices and domestic regulatory uncertainties, Public Investment Bank's Khairul Fahmi says. Any reduction in its capital spending will likely be gradual and structural to limit the immediate shocks while supporting the broader industry ecosystem, the analyst writes in a note. Expectations of cheaper oil in 2026 have led Petronas to postpone some activities slated for this year and next as it focuses on conserving cash and improving capital efficiency. The Malaysian energy company continues to support the domestic oil-and-gas services and equipment sector amid tougher operating conditions. Public IB maintains a neutral rating on Malaysia's oil-and-gas sector and expects Brent crude to average around $60/bbl in 2026. (yingxian.wong@wsj.com)