Gold prices climbed in Asian trading on Monday, with silver posting even stronger gains, as precious metal markets stabilized after a highly volatile week marked by sharp swings. Last week’s turbulence was driven by weaker safe-haven demand, profit-taking, and heightened uncertainty surrounding U.S. monetary policy.
Attention this week is firmly on a slate of key U.S. economic data, led by nonfarm payrolls and consumer price inflation, which are expected to offer clearer signals on the health of the world’s largest economy and the Federal Reserve’s policy outlook.
Safe-haven demand for metals eased slightly after signs of progress in weekend discussions between the U.S. and Iran, with both sides agreeing to continue talks focused on Tehran’s nuclear program.
Spot gold rose 1.6% to $5,038.38 an ounce by 01:03 ET (06:03 GMT), while April gold futures gained 1.7% to $5,064.04 an ounce. Spot silver surged 5.3% to $82.1780 an ounce, extending its rebound from lows near $60 seen last week. Platinum lagged behind, trading flat around $2,105.13 an ounce.
Gold and silver rebound after turbulent week
Precious metals experienced extreme volatility last week as investors reassessed the outlook for U.S. monetary policy following President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. The nomination fueled a rebound in the U.S. dollar, triggering widespread selling across metal markets as traders locked in strong gains accumulated earlier this year.
So far in 2026, gold and silver remain up about 15% and 5%, respectively, despite retreating sharply from record highs reached in early February.
“Large institutional investors continue to view gold as an attractive asset despite the recent pullback,” ANZ analysts said, pointing to data showing that the People’s Bank of China increased its gold holdings for a fifteenth consecutive month in January.
Central banks, led by the PBOC, have been major buyers of gold over the past year, driven in part by growing concerns over rising fiscal spending and debt levels across developed economies.
Fiscal worries were also underscored by developments in Japan, where Prime Minister Sanae Takaichi’s decisive victory in Sunday’s lower house election has strengthened expectations for increased government spending.
Key U.S. and China data in focus
Markets are now looking ahead to crucial economic releases from both the U.S. and China for further direction. In the U.S., nonfarm payrolls due on Wednesday and consumer price inflation data expected Friday will be closely watched for clues on future interest rate decisions.
Persistent uncertainty around the longer-term monetary policy path supported the dollar last week, adding pressure to metal prices. Silver bore the brunt of the selloff, while gold continues to trade roughly $600 an ounce below its recent peak.
China’s consumer price data, also due Friday, could shape expectations for additional stimulus measures in the world’s second-largest economy.
