Why is XAUUSD falling while futures rebound?

Spot reflects immediate physical and OTC flows, which stayed weak after last week’s selloff. Futures can bounce on short covering, dealer hedging, and margin recalibration. Thin liquidity can widen the spread between spot and futures, so they may diverge intraday before eventually realigning as stress fades.

What should Hong Kong investors watch today?

Focus on the dollar, liquidity, and basis. If the dollar index rally eases, volatility may moderate. Check HKD gold quotes, ETF spreads, and miners’ liquidity. Use staged orders, pre-set stops, and modest position sizes. Avoid market orders during sudden swings or around key US data releases.

Is this like the silver crash 1980?

No. Leverage, market structure, and regulation are different today. The 1980 episode featured an extreme squeeze and rule changes. Still, rapid deleveraging can cause overshoots. Keep leverage low, diversify entries, and prepare for wider ranges until positioning stabilizes and liquidity returns.

How can I manage risk in XAUUSD during volatility?

Reduce trade size, add gradually, and avoid clustering stops at obvious levels. Use alerts near key technical zones, and consider options where available for defined risk. Keep extra margin buffer, and mark entries in HKD terms to control portfolio exposure and avoid forced exits on spikes.

Global Market Insights

XAUUSD Today: Gold Selloff Extends; Futures Rebound — February 03

ByHuzaifa Zahoor February 3, 2026February 3, 2026

XAUUSD is under pressure again today after last week’s violent metals shakeout. In early Asia, spot weakness persisted, while futures bounced, highlighting sharp two-way swings. For Hong Kong investors, this matters for HKD gold quotes, locally traded ETFs, and China-linked miners. With a strong dollar and ongoing deleveraging, intraday ranges can widen quickly. We outline what is driving XAUUSD, why spot and futures diverged, and practical steps to manage risk in the current setup.