03-Feb-2026      14:36

Bullion jumps after historic selloff, eyes $5,000

Gold futures surged nearly 7% in electronic trade on Tuesday, rebounding toward the $5,000 per ounce mark as bargain hunting emerged after two sessions of intense selling. The rally followed a steep slump that saw prices fall almost 5% a day earlier, marking the sharpest decline in more than a decade. Sentiment improved despite lingering concerns over US monetary policy after President Trump nominated Kevin Warsh, seen as a hawkish choice for Federal Reserve Chair. Support also came from a softer US dollar, which helped lift dollar-denominated commodities, even as strong US economic data pointed to resilience in growth. On the domestic front, MCX April gold futures jumped around 6% to Rs 152,659 per 10 grams. Markets now await the US monthly jobs report later this week, though its release may be delayed by a partial government shutdown.

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