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Gold Prices Hold Near Record Levels as Inflation Concerns Offset Middle East Ceasefire Hopes 
Asian Stocks Rally as AI Boom and Iran Ceasefire Progress Lift Market Sentiment 
ECB’s Philip Lane Warns Middle East Conflict Could Keep Inflation Elevated 
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Canada and Germany Advance Major LNG Supply Partnership 
Gold and silver prices climbed on Friday, closing out an exceptionally volatile week in the precious metals market following a historic selloff. The turbulence was sparked by the nomination of former Federal Reserve Governor Kevin Warsh as the next U.S. central bank chief, a move that strengthened the U.S. dollar and led to a rapid unwinding of long-held precious metals positions.
By Friday afternoon, spot gold prices had surged 3.7% to $4,957.47 per ounce, while April gold futures rose 1.9% to $4,980.16 per ounce. Spot silver saw even stronger gains, jumping 7.9% to $76.6275 per ounce, although silver futures edged slightly lower by 0.5% to $76.397 per ounce. The rebound capped a week marked by extreme price swings and heavy losses for traders.
Throughout the week, gold prices fluctuated sharply, ranging from a low of $4,404.12 per ounce to a high of $5,092.68 per ounce. After failing to hold above the $5,000 level on Thursday, gold resumed its upward momentum during early Asian trading on Friday and continued higher. Market analysts suggested that the sharp rebound reflected positioning adjustments rather than fundamental macroeconomic changes, noting that ample Chinese liquidity and a relatively stable dollar continue to support gold prices despite elevated volatility.
Geopolitical factors also played a role in gold’s recovery, as heightened tensions between the United States and Iran earlier in the week boosted safe-haven demand. Reports that talks between the two countries in Oman had begun on a positive note added another layer of market sensitivity.
Silver prices experienced even more dramatic moves. After suffering one of its worst single-day declines in decades following Warsh’s nomination, silver rebounded nearly 11% midweek before plunging about 19% on Thursday. Despite Friday’s stabilization, spot silver remained down roughly 10% for the week and more than one-third below its late-January peak, with reduced liquidity and softer Chinese demand amplifying price swings.
Other precious metals also posted gains, with spot platinum rising 1.3% to $2,098.00 per ounce, underscoring the continued volatility and opportunity within the broader precious metals market.
