Gold, silver, copper, oil prices continue rout after Friday selloff
By Frank Prenesti
Date: Monday 02 Feb 2026
(Sharecast News) - Metals prices continued their slump on Monday, with gold, silver and copper all continuing their slide from record highs last week due to profit taking and a stronger dollar, while oil prices also fell sharply after an easing in tensions between Iran and the US.
Gold was down 6.66% to $4,568 an ounce, after plunging almost 10% on Friday to below $5,000. Silver was down 10.36% to $76.41 after investors had pushed it to $120.
Copper was down 3.56% to $12,653 a metric tonne on the back of concerns around high inventories and weak demand ahead of China's Lunar New Year break, while platinum nosedived by 8% to $1,987 an ounce after last week's record of $2,918.
The sell-off appeared to be assisted by Trump's nomination of Kevin Warsh - seen as a policy hawk- to head the Federal Reserve, which led to the dollar strengthening to $1.36 against the pound and $1.18 versus the euro.
Oil prices were pressure on Monday after US President Donald Trump said over the weekend that Iran was "seriously talking" with Washington, easing fears of conflict with a major producer that had sparked supply fears. Brent crude was down 4.49% to $66.21.
"Risk aversion is gripping financial markets this morning, as the gold and silver sell off deepens. If the sell off continues, then gold and silver are at risk of eroding their losses for the year so far," said XTB research director Kathleen Brooks.
"The historic move lower in silver prices has not stemmed a fall at the start of this week. Traders have not yet found a level that they are happy to buy the dips, and the timing of Chinese Lunar New Year in mid-February could accelerate the sell off, as Chinese traders reduce risk ahead of the holiday."
"Although Friday's sell off was exacerbated by President Trump's choice of Kevin Warsh as his pick for the next Fed chairman role, the continued selling pressure is a sign of an extremely crowded trade that is unwinding, and it may take time to return to normal."
"Silver has been defying gravity in recent months, and the record highs it was delivering on a near daily basis were divorced from reality. Some analysts believe that silver's fair value lies in the $60's handle, which suggests that the sell off may persist."
Reporting by Frank Prenesti for Sharecast.com
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