ETO Markets Global Pulse: Gold Rebounds After Breaking 4500

Market Review

According to ETO Markets monitoring, on Feb 2 (Monday) precious metals came under heavy pressure, with both gold and silver posting sharp declines. COMEX gold futures briefly fell below USD 4,500/oz, hitting an intraday low of USD 4,429.20/oz, while silver futures slid to USD 72.35/oz at the trough.

During Asian trading on Feb 3 (Tuesday), spot gold staged a technical rebound and was last trading around USD 4,734.70/oz. Gold had dropped more than 4% in the prior session, with volatility amplified by margin hikes and heightened policy uncertainty.

Global Headlines

Precious Metals Unwind Accelerates After Margin Hikes

Gold and silver saw rapid drawdowns, with gold futures breaking below the USD 4,500/oz threshold and silver suffering deeper losses. Markets widely attributed the move to excessive prior gains combined with higher margin requirements, triggering concentrated profit-taking and short-term liquidity stress.

U.S. Government Shutdown Risk Extends Amid Immigration Deadlock

Political gridlock in Congress over immigration enforcement and funding continues, raising the risk that parts of the federal government remain shut down longer. A prolonged shutdown could delay key labor market data releases this week and has already begun to disrupt tax filing and government contractor services.

Ukraine Confirms New Talks in Abu Dhabi

Ukraine confirmed it will attend a second round of Ukraine–U.S.–Russia trilateral talks in Abu Dhabi, alongside bilateral discussions with the U.S. Kyiv said it aims to push forward steps toward a “dignified and lasting peace,” with progress expected on security and negotiation frameworks.

Israel Sets ‘Three Red Lines’ for Any U.S.–Iran Deal

Israel reiterated that any potential U.S.–Iran agreement must prohibit Iran from advancing its nuclear program, ballistic missile capabilities, and support for proxy forces. The statement reignited concerns over renewed instability in the Middle East.

BLS Data Delayed Again as Shutdown Impact Widens

The U.S. Bureau of Labor Statistics announced further delays to the January employment report and job openings data due to the partial government shutdown. Repeated postponements are complicating data continuity and policy assessment for markets.

U.S.–India Trade Deal Adjusts Tariffs and Energy Flows

The U.S. reached a trade agreement with India, lowering tariffs while India committed to increasing purchases of U.S. goods and reducing Russian oil imports. The deal reshapes trade and energy flows and drew market attention.

U.S. Plans USD 12 Billion Strategic Minerals Reserve

The U.S. is preparing a USD 12 billion strategic critical-minerals reserve program, using commercial stockpiles to strengthen supply-chain security across autos, technology, and manufacturing—supportive for resource assets over the medium term.

ETO Markets Analyst View (Spot Gold)

After a sharp sell-off, gold has entered a technical repair phase, with prices reclaiming the USD 4,565 area, suggesting renewed buying interest at lower levels. A sustained hold above this zone could allow a recovery toward USD 4,840, while further upside would depend on sentiment stabilization and liquidity conditions. Failure to hold key support would reopen downside risks toward the prior consolidation range.

RSI has turned upward, indicating easing downside momentum, though volatility remains elevated. Overall, gold is still trading in a high-volatility regime, with policy uncertainty, geopolitical risks, and liquidity dynamics interacting. Investors should carefully manage trading pace and risk exposure.

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