2026-02-03 11:39

Concerns about inflation, global debt levels support gold Buyers come back after two-day price slump Volatile silver to underperform gold LONDON, Feb 3 (Reuters) - Investment demand and central-bank buying are expected to propel gold to new records, with the metal's retreat over the past two sessions already attracting bargain hunters, while silver will remain volatile, analysts said. Gold was heading for its biggest daily gain since 2008 on Tuesday, after a massive two-day sell-off triggered by President Donald Trump's appointment of Kevin Warsh as the next Federal Reserve Chair, a stronger dollar and profit-taking. Sign up here. "Inflation remains well above target, debt levels are rising, and investors continue to view precious metals as a way to diversify away from equities, bonds and fiat currencies," said Bart Melek, head of commodity strategy at TD Securities. UBS and JP Morgan expect gold to hit $6,200-$6,300 by year-end, while Deutsche Bank sees bullion at $6,000 this year. Citi maintained its 2026 base-case forecast, expecting a first-quarter average at $5,000. Spot gold was up 5.4% at $4,915 per troy ounce by 1054 GMT. ALL EYES ON PHYSICAL MARKET Gold and silver hit record highs of $5,594.8 and $121.6 respectively on January 29 before retreating. Gold's 9.8% slump on Friday was the largest daily fall in 43 years, according to the LSEG data. Analysts see the drop as a healthy correction. "The physical market will be key in setting the floor, particularly beyond the Lunar New Year," said Standard Chartered analyst Suki Cooper, referring to top consumer China's New Year holiday from mid-February. Investment demand, including from the retail sector, has become a crucial factor behind gold's push higher as other sectors - jewellery demand and purchases from central banks - have stalled. "We expect prices to remain volatile, even though the conditions remain for further significant upside this year," said Philip Newman, director at consultancy Metals Focus. Gold prices could exceed the $5,500 level, he added. Volatility has been more acute in silver with its slump from Thursday's record high of $121.6 per ounce, due to the smaller size of the market. Its January rally was led by momentum trading and large inflows from retail investors. Silver was last up 9.3% at $86.8. With fears of U.S. tariffs fading after the mid-January critical minerals review and easing supply tightness in London, silver has lost a key driver of last year's gains, analysts at Mitsubishi said. However, silver's drop from records is positive for its industrial consumption prospects as it removed extreme pressure on solar producers' margin, analysts said. https://www.reuters.com/world/india/gold-poised-new-records-buyers-return-fray-2026-02-03/

2026-02-03 11:38

Feb 3 (Reuters) - Marathon Petroleum (MPC.N) , opens new tab beat Wall Street estimate for fourth-quarter profit on Tuesday, helped by strong refining margins. U.S. fuel maker margins have begun to rebound from multi-year lows touched in 2024, a pullback that followed the earlier spike triggered by sanctions on Russia in the wake of its invasion of Ukraine, which had constricted global supply. Sign up here. Quarterly U.S. refinery margins, measured by the 3-2-1 crack spread , were up about 45% on an average in the fourth quarter from a year earlier. Marathon's refining and marketing margin was at $18.65 per barrel during the quarter, compared with $12.93 per barrel a year earlier. Its refining and marketing segment posted a quarterly core profit of about $2 billion, compared with $559 million a year earlier. The refiner posted adjusted profit of $4.07 per share for the three months ended December 31, compared with analysts' average estimate of $2.88 per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/marathon-petroleum-beats-profit-estimate-strong-refining-margins-2026-02-03/

2026-02-03 11:37

Feb 3 (Reuters) - Futures linked to Canada's main stock index rose on Tuesday, as precious metal prices bounced back from their steepest two-day slide in decades, with gold set for its biggest daily jump since November 2008. March futures on Toronto's S&P/TSX Composite Index were up 0.45% as of 6:02 a.m. ET. Sign up here. Toronto's benchmark stock index (.GSPTSE) , opens new tab closed higher on Monday, recouping some of the previous session's steep losses, with broad-based gains led by financial and consumer-related stocks. On Tuesday, spot gold surged about 5%, while silver climbed 8.5%. Copper prices also rebounded after news that China plans to boost stockpiles of the metal, with renewed risk sentiment among global investors providing further support. Oil prices steadied after losses earlier in the session. Crude prices have come under pressure recently as U.S.-Iran tensions ease, with the countries set to resume nuclear talks on Friday. Brent crude futures and U.S. West Texas Intermediate crude were up 0.1% and 0.2%, respectively. Recent volatility in commodities amid the uncertain geopolitical landscape has impacted Toronto's resource-heavy stock market, with the benchmark index seeing sharp swings in either direction. TSX fell about 3.7% last week. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/business/canadian-futures-rise-gold-prices-rebound-2026-02-03/

2026-02-03 11:35

DUBAI, Feb 3 (Reuters) - A group of armed boats attempted to intercept a vessel 16 nautical miles (29.6 km) north of Oman, the United Kingdom Maritime Trade Operations said on Tuesday. The UKMTO said it is investigating the incident, which happened in the inbound Traffic Separation Scheme of the Strait of Hormuz. Sign up here. Numerous small armed vessels attempted to contact the vessel via VHF radio, but it ignored requests to stop and continued on its planned route, the agency said. The strait links the Persian Gulf to the Gulf of Oman and the Arabian Sea beyond. OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. Three vessels, two in 2023 and one in 2024, were seized by Iran near or in the strait. Some of the seizures followed U.S. seizures of tankers related to Iran. https://www.reuters.com/world/armed-boats-attempt-intercept-vessel-strait-hormuz-ukmto-says-2026-02-03/

2026-02-03 11:25

BEIJING, Feb 3 (Reuters) - China has allowed the imports of qualified pet food from Canada, a customs statement dated Monday showed, a sign of improving trade ties following Canadian Prime Minister Mark Carney's visit last month. Pet food products allowed for imports include processed dry food, canned food and snacks, the statement said. Sign up here. https://www.reuters.com/world/asia-pacific/china-approves-imports-canadian-pet-food-2026-02-03/

2026-02-03 11:23

Higher royalty regime to take effect this month unless amended Miners warn new regime may squeeze less profitable mines DAKAR, Feb 3 (Reuters) - Ghana's finance minister has offered to cut a mining levy by two percentage points to help push through a new gold royalty regime that mining companies warn could deter investment, the head of the miners lobby has told Reuters. Africa's top gold producer wants to replace its flat royalty rate with a sliding system of 5%–12% to capture more value as prices surge. Sign up here. The new gold royalty regime, which adds about one percentage point for every $500 rise in the gold price similar to the system in Burkina Faso, will take effect 21 days from Tuesday unless parliament amends it. Ghana's gold mining companies want the rate reduced. The Chamber of Mines CEO Kenneth Ashigbey told Reuters on Monday that, after recent talks, Finance Minister Cassiel Ato Forson instead proposed cutting a fee known as the growth and sustainability levy. "We asked that the 3% levy be removed entirely, but the minister is offering to take off only two points," Ashigbey said. Ghana's finance and mines ministries did not immediately respond to requests for comment. A government source familiar with the talks confirmed that the minister had proposed the two percentage-point levy cut. The source said the finance minister told companies he was open to dialogue, though parliament could still pass the royalty amendment as it is unless the ministry submits an alternative. MINERS BEGAN PAYING HIGHER TAX AFTER FAILED RESISTANCE The GSL was doubled to 3% last year. Producers refused to pay but later complied while talks continued, the mining sector regulator told Reuters in January. As for the new gold royalty regime, Ashigbey said miners wanted a range of 4%-8%, with one percentage point earmarked for a development fund for host communities. He said the chamber also wants wider royalty price bands, arguing that the government’s thresholds trigger higher rates too easily, which could squeeze higher-cost or less profitable mines. Ashigbey said the chamber is seeking urgent engagement. “The question is whether government wants revenue on a sustainable basis or just in the next few years before investments move elsewhere," he said. https://www.reuters.com/world/africa/ghana-offers-levy-cut-sweetener-higher-gold-royalty-regime-lobby-says-2026-02-03/