World gold prices are fluctuating around the $5,000/ounce mark.

Gold prices fell amid increased profit-taking by speculators as the market struggled to find support after the historic drop at the end of last month.

Photo caption — Gold is displayed at the Deutsche Bundesbank in Frankfurt am Main, Germany. (Illustrative photo: AFP/VNA)

In early morning trading today on the Sydney Gold Exchange (Australia), the price of gold briefly fell by as much as 1.4%, dropping below the key $5,000/ounce mark, before recovering slightly and narrowing its losses. As of 6:31 AM on February 10th (Vietnam time), the spot gold price was at $5,015.98/ounce, down 0.8%.

Since reaching its all-time high on January 29th, the precious metal has lost approximately 10% of its value. However, overall, the price of gold remains significantly higher than at the beginning of the year.

The market is focused on awaiting a series of important US economic reports to be released this week, including the jobs report for industries and services, expected on February 11th, which forecasts only an increase of about 70,000 jobs in January 2026, and the consumer price index (CPI) and initial jobless claims figures, expected on February 13th.

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These data will provide crucial clues about the monetary policy trajectory of the US Federal Reserve (Fed) after President Donald Trump nominated Kevin Warsh to be its next chairman. Most markets believe the Fed is likely to implement at least two interest rate cuts, each by 0.25 percentage points, in 2026. A low interest rate environment typically fuels gold price increases because the opportunity cost of holding this non-yielding asset decreases.

Another key factor preventing gold prices from falling sharply is the sustained buying activity of central banks, particularly China. Data from the People's Bank of China (PBoC) shows that the central bank has extended its gold purchasing streak to 15 consecutive months as of January 2026.

Following the same downward trend, world silver prices fell 2.1% to $81.64 per ounce. Platinum and palladium prices also declined simultaneously.

Meanwhile, the Bloomberg Dollar Spot Index – a measure of the dollar's strength – ended the previous trading session down 0.6%. The slight weakening of the USD is expected to curb the decline of assets priced in this currency.

Analysts predict that the precious metals market will continue to be volatile and sensitive to economic data from the US in the coming days.