Gold Stabilizes Above $5,000 as Banks See Resumption, PMI Data Looms Feb 10

Gold steadied above $5,000 on February 10, as investors await a potential floor after a two-day gain following a historic selloff. Spot gold traded in a narrow range at $5,042.42 per ounce, while silver fell 1.7% to $81.96. Bullion has retreated about 10% since hitting a record on January 29, though it remains higher for the year. Factors supporting the metal include continued central-bank buying, especially with the People's Bank of China extending its gold purchases for a 15th consecutive month in January, and lower interest rates amid geopolitical risks. Banks and asset managers, including Deutsche Bank and Goldman Sachs, have signaled a potential resumption of the rally. Data due this week includes the January jobs report on Wednesday and inflation data on Friday, with expectations of stabilizing labor market conditions and mixed inflation readings.