Welcome to GoldBank Insider — the UK podcast that turns the biggest precious-metals headlines into clear takeaways. Today: gold is ripping higher again, reclaiming the $5,000 level, and silver and platinum are moving with it. Here’s what’s driving it, and what UK investors should watch next.

What happened

Gold surged more than 2% on 4 February, extending Tuesday’s powerful rebound that was described as the biggest daily jump since 2008. Spot gold traded around $5,070 per ounce, with April US futures around $5,090.

Silver climbed to roughly $87–$88 per ounce, platinum rose to around $2,270 per ounce, and palladium also advanced.

Why it’s moving

1. Geopolitics is back in the driver’s seat

The rally was boosted by heightened US–Iran tensions, which typically pushes investors toward safe-haven assets like gold.

2. Rates expectations are helping non-yielding metals

The story also points to expectations for multiple US rate cuts in 2026, which can support gold because it does not pay interest.

3. This is also a “post-crash” snapback

Gold recently hit a record near $5,595, then sold off sharply before buyers stepped back in. That context matters because it explains why moves are so violent right now: positioning is crowded and liquidity can vanish fast when margin and volatility rise.

The UK investor angle

If you’re buying physical bullion in the UK, holding gold ETFs, or tracking miners, the key takeaway is that this market is being pulled by 2 forces at once:

Risk-off headlines (geopolitics) can cause sudden vertical rallies.

Positioning and leverage can cause brutal air pockets in the other direction.

Price can travel a long way in both directions before it “makes sense”. That means risk management matters more than prediction.

What to watch next

1. Key price levels

Gold: the $5,000 area is the psychological line. If it holds, the market can stay in “momentum mode”. If it fails, you can get another fast retracement.

Silver: watch for outsized swings — it tends to overshoot in both directions when volatility hits.

Platinum: keep an eye on whether it holds above the recent bounce zone around the low-to-mid $2,200s.

2. The next US data prints

Upcoming labour data as the next clue for Fed policy expectations. If the market prices fewer cuts, that can cool the rally; if it prices more cuts, metals can stay supported.

3. Volatility and “forced selling” signals

When you see huge intraday candles and sudden reversals, it’s often positioning being washed out. That’s usually when both opportunity and risk spike.

Gold back above $5,000 on geopolitics and rate-cut expectations, with silver and platinum ripping alongside it.

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