Gold and silver prices steadied on Friday after a highly volatile week marked by sharp swings and heavy losses across precious metals markets.
At 08:40 ET (13:40 GMT), spot gold slipped 3.2% to $4,934.55 an ounce, while April gold futures moved higher, gaining 1.4% to $4,955.89. Spot silver rebounded strongly, rising 6.6% to $75.49 an ounce, although silver futures edged down 1.8% to $75.37.
Gold on track for modest weekly gain
Despite Friday’s pullback, spot gold was still up about 0.9% for the week. Prices recovered from a near one-month low earlier in the week after failing to hold above the $5,000 per ounce threshold.
Gold found support as geopolitical tensions in the Middle East intensified, raising concerns about a potential military escalation between the United States and Iran. The two sides are currently engaged in talks in Oman, with Iranian officials describing the discussions as an initial phase of a broader diplomatic effort.
Reports indicated that the meeting in Muscat is focused on broad principles rather than specific agreements, with the aim of outlining a framework for future negotiations. While the talks have eased immediate fears, the lack of concrete outcomes leaves room for renewed uncertainty if discussions break down.
Silver heads for sharp weekly decline
Silver remained the weakest performer among precious metals. Spot prices plunged as much as 16% on Thursday before staging a partial rebound, but the metal was still down roughly 14% for the week after nearly an 18% collapse from record highs last week.
Analysts at OCBC noted that the $70–$90 range now represents a critical stabilization zone for silver. A sustained move below this area could open the door to deeper losses toward the $58–$60 region, while holding above it may eventually allow bullish momentum to rebuild.
Other precious metals also stayed under pressure. Spot platinum fell 1.4% to $2,042.25 an ounce and was down nearly 10% for the week, following a steep slide of almost 22% the previous week.
The broader selloff in metals was initially triggered by heightened market volatility after Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Warsh is widely viewed as less dovish, fueling a rebound in the U.S. dollar and weighing on dollar-priced commodities.
The greenback was on course for its strongest weekly performance since early October, with softer U.S. labor data doing little to slow its advance, keeping pressure on precious metals markets.
