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Gold prices steadied during early Asian trading on Monday after suffering steep losses last week, as investors reassessed the outlook for U.S. monetary policy, the strength of the U.S. dollar, and fading safe-haven demand. The precious metal market had been under heavy pressure following profit-taking at record highs and renewed confidence in broader financial markets.
Spot gold edged up 0.2% to $4,870.68 per ounce, while April gold futures surged nearly 3% to $4,886.31 per ounce. Despite this rebound, gold had erased nearly 10% of its value in the previous session, marking one of its sharpest single-day declines in decades. Prices also pulled back significantly from last week’s all-time high near $5,600 per ounce, reflecting the intensity of last week’s sell-off.
Other precious metals also showed signs of recovery after deep losses. Spot silver jumped almost 4% to $87.71 per ounce, while platinum prices stabilized around $2,159.79 per ounce. The broader metal market decline was largely driven by developments in U.S. monetary policy, particularly President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair, set to take over after Jerome Powell’s term ends in May.
The nomination reduced policy uncertainty, which weakened gold’s appeal as a safe-haven asset and triggered widespread profit-taking. However, investors remain cautious, as Warsh is widely viewed as hawkish on inflation despite supporting lower interest rates. His skepticism toward large-scale asset purchases has raised concerns about a less accommodative Federal Reserve in the long run.
Analysts noted that extreme positioning in gold options markets amplified the sell-off, especially after gold’s strong rally through late 2025 and early 2026. A rebound in the U.S. dollar from a four-year low further pressured gold prices, as a stronger dollar typically weighs on commodities.
Still, gold remains up nearly 15% for January, supported by ongoing geopolitical uncertainty and long-term demand for safe-haven assets.
