Gold Trading Lower as It Fails to Stick To the US$5,000 Mark

09:45 AM EST, 02/05/2026 (MT Newswires) -- Gold futures fell early Thursday as the metal failed to find support at the US$5,000 mark a day earlier, even as treasury yields weaken amid further signs the U.S. labor market is slowing.

Gold for March delivery was last seen down $105.80 to US$4,845.00 per ounce. Silver also continued to retreat, dropping $9.69 to US$74.71 per ounce, down 35% from its Jan. 26 record high of US$115.50.

The price of the metal retested, but failed to stick to, the US$5,000 mark Wednesday, after falling 11% last Friday from the Jan. 29 record high of US$4,354.80, even as traders move away from risk assets.

"Gold failed to gain a foothold above USD 5,000, reversing lower as silver slumped, albeit at a much more moderate pace. Souring sentiment across risk assets-from equities to cryptocurrencies-offered some offsetting support," Saxo Bank wrote.

The dollar edged higher early, with the ICE dollar index last seen up 0.04 points to 97.65. The rise comes despite another indicator that the U.S. labor market is weakening after U.S. initial jobless claims rose to 231,000 last week, up from 209,000 a week earlier and above expectations for a 212,000 claims, according to Marketwatch. The rise comes after Wednesday's ADP employment report that showed private-sector hiring slowed to 22,000 positions in January, down from 37,000 a month earlier.

Treasury yields were sharply lower early following the claims report, with the yield on the U.S. two-year note last seen down 6.6 basis points to 3.51%, while the 10-year note was paying 4.239%, down 4.1 points.

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