Gold and silver prices turned higher in Asian trading on Friday, as bargain hunters stepped in after a week marked by sharp volatility and heavy losses across precious metals.
Despite the rebound, silver remained the weakest performer and was on course to post a weekly loss of around 14%, having erased most of its recent recovery. Gold was also set to finish the week lower, though its decline was far more modest. Prices were still roughly $800 per ounce below last week’s record highs.
Cooling geopolitical tensions between the United States and Iran reduced demand for safe-haven assets, with both countries scheduled to hold talks in Oman later on Friday. This weighed on buying interest in both gold and silver.
Gold steadies after slipping toward one-month lows
Spot gold eased 0.9% to $4,825.31 per ounce by 22:56 ET (03:56 GMT), while April gold futures fell 1% to $4,842.44 per ounce.
For the week, spot gold was down roughly 0.9%, after failing to sustain levels above $5,000 per ounce. However, the metal remained comfortably above a near one-month low reached earlier in the week.
Analysts at ANZ noted that gold’s selloff was relatively contained, citing stronger liquidity conditions and less aggressive investor positioning compared to other metals.
Silver heads for sharp weekly loss as rebound fades
Spot silver climbed 2.8% to $72.97 per ounce, while March silver futures dropped 5.1% to $72.76 per ounce.
Silver prices had plunged as much as 16% on Thursday before recovering slightly into the close. Even so, the metal remained down about 14% for the week, following an almost 18% collapse from record highs seen last week.
OCBC analysts said the $70–$90 range now represents a key stabilization zone for silver. They warned that a sustained break below this area could open the door to a deeper correction toward the $58–$60 range. However, holding this support could allow bullish momentum to rebuild later on.
Broader metals remain under pressure
Other precious metals continued to struggle. Spot platinum slipped 1.8% to $1,953.17 per ounce and was down nearly 10% for the week, after plunging almost 22% last week.
The broader downturn in metals markets began after U.S. President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Warsh is widely viewed as less dovish, triggering a sharp rebound in the U.S. dollar that pressured metal prices.
The dollar was on track for its strongest weekly gain since early October, with recent soft U.S. labor data doing little to slow its advance.
