ETO Markets Global Pulse: Gold Reclaims $5,000 as Dip Buying Holds

Market Review

According to ETO Markets monitoring, after plunging nearly 3.9% in the prior session, spot gold staged a sharp rebound on Feb 6 (Friday). Prices surged close to 4% intraday, briefly approaching USD 4,955/oz, and the week ultimately closed higher, underscoring persistent dip-buying support at lower levels.

During Asian trading on Feb 9 (Monday), gold extended its recovery. Prices rose as much as 1.7% in early trade, touching a high of USD 5,046.15/oz and reclaiming the USD 5,000 threshold.

Global Headlines

Iran Rejects Zero Enrichment Demand

Iranian Foreign Minister Araghchi said Tehran has clearly rejected a “zero uranium enrichment” proposal in nuclear talks with the United States, stressing enrichment remains a non-negotiable principle. While both sides agreed to continue discussions, Iran remains cautious about U.S. intentions.

Second U.S.–Iran Talks Expected Soon

Iran signaled that a second round of talks with the United States could begin in the coming days. Officials said the options on the table remain “diplomacy or conflict,” adding that Iran is prepared for either outcome.

U.S.–India Interim Trade Framework Reached

The United States and India agreed on an interim trade framework. The U.S. will impose an 18% tariff on most Indian exports, while India committed to purchasing USD 500 billion of U.S. goods over five years and reducing imports of Russian oil.

China Extends Gold Reserve Accumulation

Official data showed Chinas central bank raised its gold reserves to 74.19 million ounces in January, an increase of 40,000 ounces from the prior month. This marked the 15th consecutive month of accumulation, with the pace edging higher.

ETO Markets Analyst View (Spot Gold)

From a short-term perspective, spot gold has completed a strong rebound after rapid liquidation of liquidity and sentiment. USD 4,925/oz now stands as a key near-term pivot. As long as prices hold above this level, the recovery bias remains intact, with upside targets near USD 5,090 and USD 5,145.

A break back below USD 4,925 would signal fading rebound momentum, shifting focus to support around USD 4,850 and USD 4,800. RSI has turned higher, indicating improving momentum, though in a high-volatility environment, intraday pullbacks remain likely.

Overall, with central banks continuing to add gold, geopolitical uncertainty persisting, and liquidity expectations still flexible, golds medium-term pricing logic remains intact. Current price action reflects post-shock repricing at elevated levels rather than trend exhaustion. Trading decisions should account for volatility and individual risk tolerance.

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