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

02:02 PM EST, 02/05/2026 (MT Newswires) -- (Updates prices.)

Gold traded lower midafternoon on 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 US$60.50 to US$4,890.30 per ounce. Silver also continued to retreat, dropping US$7.96 to US$76.51 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 moved higher, with the ICE dollar index last seen up 0.16 points to 97.77. 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. As well, the JOLTS report showed U.S. job openings fell to 6.5 million in December, down from a revised 6.93 million a month earlier, and well under the consensus estimate for 7.1-million listings, according to Marketwatch.

Treasury yields were sharply lower early following the jobs data, with the yield on the U.S. two-year note last seen down 8.9 basis points to 3.487%, while the 10-year note was paying 4.207%, down 6.2 points.

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