**Market Brief: Precious Metals Surge on Geopolitics & Rate Cut Hopes** **Gold Reclaims $5,000 Amid Global Tensions** Gold prices staged a significant rally on Thursday, February 5, reclaiming the critical **$5,000 per ounce** psychological level. Spot gold traded near **$5,017–$5,076**, driven by renewed safe-haven demand as investors monitor escalating US-Iran tensions. Markets remain on edge despite reports of upcoming diplomatic talks in Oman. **Silver & Palladium Outperform** Silver witnessed explosive momentum, surging over **5%** to trade near **$89.70–$90.00 per ounce**, capitalizing on the broader metals rally and a softer dollar. Palladium also joined the upward trend, recovering to approximately **$1,764–$1,800 per ounce**, supported by supply concerns and technical buying. **Fed Policy & 2026 Rate Outlook** Investors continue to price in monetary easing following the Federal Reserve's decision to hold interest rates steady at **3.50%–3.75%** in late January. Despite the nomination of Kevin Warsh as Fed Chair introducing some policy uncertainty, consensus projections still indicate **two rate cuts** later in 2026. **Economic Drivers** Mixed US economic data provided further support for bullion. While the **ISM Services PMI** came in stronger than expected, signaling resilience, weaker **ADP private payroll** numbers highlighted potential cracks in the labor market, reinforcing the case for future rate reductions. **Key Levels to Watch** * **Gold:** Support at $4,825; Resistance at $5,100. * **Silver:** Testing the $90 threshold. * **Fed Strategy:** Market focus shifts to upcoming inflation data to confirm the timeline for the first 2026 cut. *** *Data as of February 5, 2026. Prices and trends subject to real-time market fluctuation.*