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News
Wednesday, February 04, 2026
What’s happening: Gold prices recovered sharply following a rapid selloff over the weekend.
What happened: Precious metal prices had tumbled over the weekend, after US President Donald Trump named Kevin Warsh as the next Federal Reserve Chairman.
Weakness in the US dollar continued to lend support to gold and silver prices this morning.
Why it matters: US President Donald Trump nominated former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell, whose term is scheduled to end in May.
Although Warsh is expected to support interest rate cuts, markets pulled back speculations of any cuts till Powell leaves office in May. Expectations of Warsh being less aggressive in cutting rates than other potential nominees also led to the selloff in gold and silver, as a higher rate environment makes non-yielding precious metals less attractive.
Weakness in the US dollar lent further support to gold prices, as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.1% this morning.
Meanwhile, the US Bureau of Labor Statistics reported that nonfarm payrolls (NFP) data for January would not be released on Friday due to a partial government shutdown.
Spot gold added almost $277 on Tuesday, recording its biggest daily surge since November 2008. Gold prices climbed 2.3% to $5,061.27 an ounce this morning.
Silver prices rose on Tuesday, following a record 27% single‑session plunge on Friday and falling further by 6% on Monday. Spot silver prices climbed 3.6% to $88.1185 an ounce this morning.
In other metals trading, spot platinum rose 2.6% to $2,278.35, while palladium climbed 3% to $1,805.96 this morning.
What to watch: Investors will continue monitoring the ongoing geopolitical concerns, which are expected to significantly impact gold and silver prices ahead.
Data on ADP employment change (1715 UAE Time) and ISM services PMI (1900 UAE Time) from the US will be released today. Private sector employment in the US, which rose by 41,000 jobs in December, is expected to grow further by 48,000 jobs in January. Analysts expect the ISM services PMI to decline to 53.5 in January from 54.4 in the previous month.
Context: Shares of PepsiCo rose on Tuesday after the company reported upbeat fourth-quarter results and issued a strong 2026 outlook.
Details: PepsiCo is looking to recapture price-sensitive customers by announcing price cuts of up to 15% on staple snack brands, including Lay’s and Cheetos. The latest move followed several complaints from shoppers that higher prices were forcing them to avoid these brands.
The company reported adjusted earnings of $2.26 per share for the recent quarter, beating consensus estimates of $2.24. Quarterly sales rose 5.6% year-over-year to $29.34 billion, which topped Wall Street expectations of $28.972 billion.
“PepsiCo’s fourth quarter results reflected a sequential acceleration in reported and organic revenue growth, with improvements in both the North America and International businesses,” CEO Ramon Laguarta said.
PepsiCo raised its annualised dividend by 4%, representing its 54th straight annual hike. The company’s board also announced a fresh share repurchase program of up to $10 billion of its common stock through February 28, 2030.
PepsiCo guided to sales of $97.682-$99.561 billion and adjusted earnings of $8.55-$8.71 per share for fiscal 2026.
How shares responded: PepsiCo’s shares rose 4.9% to close at $162.85 on Tuesday following the release of quarterly results. The stock has jumped more than 16% over the past month.
What to watch: Investors will keep an eye on the company’s plans to slash prices of its snack brands.
Other Markets: European indices closed mixed on Tuesday, with the FTSE 100, DAX 40, CAC 40 down by 0.26%, 0.07% and 0.02%, and the STOXX Europe 600 Index up by 0.10%, respectively.
Ukraine’s President Volodymyr Zelenskyy blamed Russia for planning a “deliberate” attack on its energy facilities. The news sent the USD/RUB pair higher in forex trading this morning.
China’s RatingDog general services PMI rose to 52.3 in January from 52.0 in December. The latest reading topping market estimates of 51.8 exerted pressure on the USD/CNY forex pair.
Australia’s S&P Global composite PMI climbed to 55.7 in January from 51.0 in the previous month, which sent the AUD/USD pair higher in forex trading this morning.
New Zealand’s unemployment rate rose to 5.4% in the December quarter, from the previous reading of 5.3%, which exerted pressure on the NZD/USD forex pair.
Japan’s S&P Global composite PMI climbed to 53.1 in January, from 51.1 in the previous month. However, the USD/JPY pair rose in forex trading this morning.
Spain’s HCOB composite PMI (1215 UAE Time), Italy’s HCOB composite PMI (1245 UAE Time) and inflation rate (1400 UAE Time), France’s HCOB composite PMI (1250 UAE Time), Germany’s HCOB composite PMI (1255 UAE Time), Eurozone’s HCOB composite PMI (1300 UAE Time), inflation rate (1400 UAE Time) and PPI (1400 UAE Time), UK’s S&P Global composite PMI (1330 UAE Time), India’s M3 money supply (1530 UAE Time), US MBA mortgage applications (1600 UAE Time), S&P Global composite PMI (1845 UAE Time), EIA crude oil stocks change (1930 UAE Time), Brazil’s S&P Global composite PMI (1700 UAE Time) as well as Canada’s S&P Global composite PMI (1830 UAE Time).
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