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First modification: 02/07/2026 - 14:16Last modification: 02/07/2026 - 14:17
In a week of intense volatility, investors have been trying to define where it is best to put their money: whether in gold, an asset that does not pay interest but is a classic safe haven; in the dollar or other currencies, or in something riskier like stocks.
In the trading week ending February 6, silver rose more than 6% to surpass $75 per ounce and recovered from a 1.5-month low, spot gold rose 3.5% to $4,935 per ounce, and the dollar weakened slightly.
It is the latest snapshot of the behavior of these assets in an intensely volatile week, in which metal market prices ended up calming down slightly after having had their own sharp fluctuations.
In January, gold and silver prices were rising so fast that critics called it unsustainable. However, a series of events cut the streak in the first days of February and gave the dollar a break, which usually behaves in an inversely proportional manner.
Analysts see the nomination of Kevin Warsh as the next president of the Federal Reserve as the catalyst for this rebound in the US currency, since he is not considered a great defender of drastic cuts in interest rates.
The precious metal, a traditional and low-rate-loving haven, performs well in times of geopolitical and economic uncertainty. The money has gone hand in hand.
"What we're seeing in silver is massive long-term speculation," said Jim Wyckoff, senior analyst at Kitco Metals, adding that after years of boom, gold and silver appear to be entering a typical commodity decline phase.
The dollar gains ground again
The dollar, for its part, fell on Friday, February 6, from two-week highs. The index that measures the performance of the US currency against six other currencies fell 0.3%. Still, it rose 0.52% for the week, its biggest weekly rise since early January.
"The dollar has largely moved inverse to risk assets this week, including stocks and bitcoin, as well as precious metals such as gold and silver," said Uto Shinohara, senior investment strategist at Mesirow Currency Management, Chicago.
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The Secretary of the Treasury of the United States, Scott Bessent, declared this Friday, February 6, that President Donald Trump remains firm in the measures he is taking to make investment in dollar assets more attractive.
Donald Trump's words in late January left the market baffled, as he praised the dollar's decline as "excellent" when it was hitting a four-year low.
"Strong monetary policy is based on: are we doing what is necessary to create a favorable environment for the dollar?" Bessent asked.
"So, our tax policy, our trade policy, our deregulatory policy, our energy policy, the reassertion of our sovereignty in critical minerals... are we making the United States the best place in the world for capital? And I think no one has done it better than President Trump," he concluded.
With Reuters, EFE and AP
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