Gold and silver prices shifted direction to increase in trading on Friday, experiencing some bargain buying following significant volatility and substantial losses earlier in the week. Silver continued to lag, poised to decline approximately 14% this week, effectively erasing a recent rebound. Gold was positioned for a modest weekly decline, yet it was trading approximately $800 an ounce below the record highs observed last week. Recent easing of tensions between Iran and the U.S. has impacted safe haven demand for gold and silver, as the two nations prepare for discussions in Oman later today.

Gold is poised for a modest weekly decline following a recovery from a near one-month low. Spot gold declined by 0.9% to $4,825.31 per ounce as of 22:56, whereas gold futures for April decreased by 1% to $4,842.44 per ounce. Spot gold experienced a decline of approximately 0.9% this week, having struggled to maintain the $5,000 per ounce threshold. However, the metal continued to trade significantly above a near one-month low reached earlier in the week. The recent selloff in the gold market exhibited a degree of containment, attributed to enhanced liquidity and a more measured approach in investor positioning,” noted analysts.

Spot silver experienced an increase of 2.8%, reaching $72.9655 per ounce, whereas silver futures declined by 5.1%, settling at $72.760 per ounce. Spot prices experienced a decline of up to 16% on Thursday, although they were able to regain some ground by the conclusion of the trading session. Nonetheless, the white metal experienced a decline of approximately 14% this week, following a substantial drop of nearly 18% from its record highs observed the previous week. “We continue to reiterate that the 70–90 region now represents a critical stabilisation zone; sustained failure to hold above this area may risk deeper correction towards USD 58/60 levels,” analysts stated in a note. “However, if prices maintain stability within this range, bullish momentum could potentially reemerge at a later stage.” Other precious metals continued to face downward pressure, as spot platinum decreased by 1.8% to $1,953.17 per ounce.

Spot platinum experienced a decline of nearly 10% this week, following a substantial drop of approximately 22% the previous week. Metal markets have experienced a prolonged decline since last week, with initial losses stemming from U.S. President Donald Trump’s nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chairman. Warsh was perceived as a less dovish selection, leading to a rebound in the dollar that exerted pressure on metal markets. The greenback was on track for its strongest week since early October, as soft labor market data had minimal impact on the dollar’s upward trajectory.