Gold and silver prices climbed in early Asian trading on February 11, 2026, buoyed by softer-than-expected U.S. retail sales data signaling economic cooling. Investors now pivot to nonfarm payrolls for clearer labor market signals amid Fed rate cut speculation.
Retail Sales Miss Fuels Rally
U.S. December retail sales disappointed, indicating cooling consumer spending amid sticky inflation and labor pressures. This weakness dragged Treasury yields lower and pressured the dollar, providing a tailwind for non-yielding precious metals.
Spot gold advanced 0.3% to $5,038.21 per ounce, while April futures rose 0.6% to $5,061.45—still $600 below late-January records. Spot silver gained 0.9% to $81.5135/oz, and platinum followed at 0.9% to $2,105.86/oz.
Volatility persists after recent tumbles, with Middle East tensions capping haven demand despite dollar softness.
Payrolls Data in Spotlight
Nonfarm payrolls, due later Wednesday, loom large—expected to clarify labor resilience. Weak readings could amplify rate cut bets, favoring gold as lower yields enhance appeal.
Sustained spending softness hints at recession risks, prompting Fed easing. Markets eye further cuts this year to support growth.
Fed Uncertainty Under Trump
President Trump’s Fed chair nominee Kevin Warsh—seen as hawkish—sparks policy doubts, contributing to January metal sell-offs. Less dovish stance tempers aggressive cut expectations, pressuring prices.
Dollar struggles post-Monday losses, aiding recovery, but broader uncertainty lingers.
Broader Market Context
Precious metals logged Tuesday losses before today’s bounce, reflecting choppy sentiment. Gold’s haven status wanes amid geopolitics, but macro softness revives bullish case.
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Technical Outlook and Strategies
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Payrolls pivotal: strong print risks pullback; soft accelerates to $5,200+.
Gold/silver rise underscores safe-haven bets amid U.S. slowdown signals, with payrolls deciding next leg.
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