Gold, silver hold gains despite strong U.S. jobs data

(Kitco News, Wed. Feb. 11th, 2026) – Gold and silver prices are higher near midday Wednesday, with silver again leading the way. The precious metals markets have been able to hold much of their solid overnight gains despite a much-stronger-than-expected U.S. jobs report that boosted the U.S. dollar index, as well as U.S. Treasury yields, and fell into the camp of the U.S. monetary policy hawks. Safe-haven demand is featured today, amid a still-active geopolitical atmosphere. April gold was last up $50.70 at $5,080.10. March silver prices were up $2.50 at $82.70.

The U.S. Labor Department today reported the American economy added 130,000 non-farm payrolls in January, much higher than a downwardly revised 48,000 rise in December and well above forecasts of up 55,000. It is the highest NFP figure since December of 2024.

Somewhat surprisingly, gold and silver futures markets held their solid overnight gains in the wake of the strong U.S. jobs report that pushed up U.S. Treasury yields and the U.S. dollar index, while U.S. stock indexes rallied. Many in the marketplace would have reckoned a solid employment report would put price pressure on the precious metals, mainly due to notions that a strong U.S. economy would prevent the Federal Reserve from raising interest rates.

The marketplace is now reckoning the likelihood of a March U.S. interest rate cut by the Fed has dropped to less than 15%, with markets now expecting the Fed to maintain its 3.5%–3.75% Fed funds range, Bloomberg reports. Traders and investors are shifting to expectations of only two potential U.S. rate cuts later in the year, rather than immediate action, CNBC reported after today’s jobs report.

What today’s price action in gold and silver markets suggests is that underlying supply and demand fundamentals—namely safe-haven demand, hoarding, and central bank buying of gold—remain firmly in place and are superseding notions of fewer U.S. interest rate cuts amid a stronger U.S. economy.

Chinese still squeezing the silver market. Despite silver prices becoming less volatile after an epic bout of turbulence, supplies in China are still being pinched as investment and industrial demand drain stockpiles, Bloomberg said in a report. “Domestic producers and traders are struggling to fill a backlog of orders, pushing up near-term prices and leaving the market heavily in backwardation. The front-month contract on the Shanghai Futures Exchange has surged to a record premium, indicating the market’s overwhelming preference for prompt deliveries of the metal,” said the report. “Such a large backwardation is driven by an inventory crisis and the depletion of deliverable material,” said Zhang Ting, senior analyst at Sichuan Tianfu Bank Co. “Institutions still have incentives to continue squeezing the market for profit.” Meanwhile, short sellers on the Shanghai Gold Exchange, who bet that silver prices would fall, have been paying long-holders deferral fees since late December to avoid having to make deliveries, highlighting a scarcity of metal to close positions, said Bloomberg.

The key outside markets today see the U.S. dollar index firmer, with crude oil prices up and trading around $65.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.172 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

Technically, April gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,250.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $4,670.00. First resistance is seen at the overnight high of $5,144.50 and then at $5,200.00. First support is seen at today’s low of $5,036.30 and then at $5,000.00.

March silver futures bulls see their next upside price objective is closing prices above solid technical resistance at last week’s high of $92.015. The next downside price objective for the bears is closing prices below solid support at the February low of $63.90. First resistance is seen at the overnight high of $86.12 and then at $87.50. Next support is seen at the overnight low of $80.41 and then at $80.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com