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UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
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Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
Gold and silver prices declined sharply in early Asian trading on Friday, extending steep losses from the previous session as profit-taking, a stronger U.S. dollar, and easing geopolitical tensions continued to pressure precious metal markets. Silver remained the weakest performer after suffering a dramatic selloff on Thursday, while gold retreated significantly from its recent all-time high.
Spot gold fell 0.6% to $4,751.13 per ounce, while April gold futures dropped 2.5% to $4,766.11 per ounce. The yellow metal is now trading nearly $1,000 below the record levels reached just last week, marking a notable reversal after months of strong gains driven by safe-haven demand and central bank buying. Meanwhile, spot silver slid 2.2% to $69.383 per ounce, holding above Thursday’s low near $63, while silver futures plunged 8.1% to $70.378 per ounce.
Analysts at OCBC highlighted that silver’s current price range between $70 and $90 represents a crucial stabilization zone. According to the analysts, a sustained break below this area could trigger a deeper correction toward the $58–$60 range. However, if prices manage to hold within this band, bullish momentum could rebuild later as market conditions stabilize.
Other precious metals were also under pressure, with spot platinum tumbling 7.2% to $1,853.81 per ounce, reflecting the broader weakness across the metals complex. The selloff follows an extended rout that began last week after U.S. President Donald Trump nominated Kevin Warsh as the next Federal Reserve chairman, replacing Jerome Powell. Warsh is widely perceived as less dovish, fueling expectations of tighter monetary policy and driving a strong rebound in the U.S. dollar.
The dollar index is now on track for its best weekly performance since early October, further weighing on gold and silver prices, which typically move inversely to the greenback. Additionally, easing geopolitical tensions between the U.S. and Iran reduced safe-haven demand, as the two countries are scheduled to hold talks in Oman.
With the dollar firm and risk sentiment improving, gold and silver may remain volatile in the near term as investors reassess monetary policy expectations and geopolitical risks.
