Emre Yumlu 
Precious metals moved higher on Wednesday, February 11, as fresh economic data from the United States reshaped investor sentiment. December retail sales figures pointed to a slowdown in economic momentum, triggering a decline in U.S. Treasury yields. As bond yields retreated, demand for non-yielding assets such as gold and silver strengthened.
Lower Treasury yields reduce the opportunity cost of holding metals that do not generate interest income. At the same time, growing concerns about softer economic activity have reinforced the appeal of traditional safe-haven assets. Against this backdrop, gold and silver both posted notable gains in international markets.
Strong Rebound in Spot Prices
In global trading, spot gold climbed to approximately $5,056.23 per ounce. Meanwhile, U.S. April gold futures rose by 1%, reaching $5,081.
Silver also staged a significant recovery. After dropping more than 3% in the previous session, spot silver rebounded by 2.3% to trade around $82.56 per ounce.
Market participants interpret this price action as a shift toward relatively lower-risk assets amid declining bond yields. With key macroeconomic releases on the horizon, investors are closely monitoring incoming U.S. data for clearer signals on the broader economic trajectory.
Treasury Yields and Rate Cut Expectations
U.S. Treasury yields fell to roughly their lowest level in about a month, reflecting weaker consumer spending and rising expectations of slower growth. This development has fueled speculation that the Federal Reserve could implement policy rate cuts sooner and potentially more aggressively than previously anticipated.
However, Fed officials have maintained a cautiously optimistic tone regarding economic conditions, signaling no immediate urgency to adjust interest rates. Financial markets are currently pricing in at least two 25-basis-point rate cuts in 2026, with the first move expected around June.
Investors are also awaiting January’s nonfarm payrolls data and the upcoming inflation report scheduled for release on Friday. Both indicators are likely to provide critical insight into the Federal Reserve’s policy path.
Platinum and Palladium Follow Higher
Beyond gold and silver, other precious metals also recorded gains. Spot platinum rose 2.1% to approximately $2,131.60 per ounce, while palladium advanced 2% to trade near $1,741.78. Overall, the performance across the sector suggests that safe-haven demand has regained momentum amid shifting macroeconomic expectations.
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