Gold and Silver Market Update
Gold prices saw a slight uptick on Friday, while silver continued to decline after experiencing a significant sell-off previously.
As of 6:17 a.m. ET, spot gold rose by 0.3% to reach $4,662.51 an ounce, recovering some of the strong losses from earlier. Gold futures also increased, settling at $4,662.10, marking a 1.2% rise.
On the other hand, spot silver fluctuated throughout the morning but ultimately was down by about 1.7%, resting at $71.62 an ounce. In contrast, silver futures managed to gain around 0.8%.
Both gold and silver are poised to close the week lower, with forecasts indicating an approximate 9% drop for gold and over 10% for silver. The decline on Thursday was particularly steep, with spot prices plummeting roughly 3% amidst broader market concerns over the economic repercussions stemming from the conflict with Iran.
Since the onset of the Israel-Iran conflict, the oil market’s erratic behavior has influenced global investor attitudes. Crude oil prices fluctuated again on Friday, initially declining before slowly recovering.
Global stock markets displayed mixed signals on Friday. European stocks struggled to find a clear direction, while Asian markets largely trended downward. U.S. futures suggested a negative opening on Wall Street, despite earlier indications of a potential rebound following Thursday’s decline.
Arthur Parrish, a metals and mining equity analyst at SP Angel, commented that gold’s recent volatility can be attributed to the significant rally leading up to the recent U.S. and Israeli strikes on Iran. He remarked that much of the prior momentum has dissipated, stating, “It’s almost completely rewound and it’s actually pretty low.” He linked this to the unwinding of certain trading strategies in the market.
Both metals experienced record highs in 2025, increasing by 66% for gold and 135% for silver. However, 2026 is projected to bring even more unpredictable trading, with silver futures facing their largest single-day drop since the 1980s in late January.
Parrish noted that during the gold surge in 2025, many new investors entered the market, including hedge funds and retail investors. He pointed out that this influx of capital was not necessarily tied to a long-term gold investment. With central banks accumulating gold following the Ukraine-Russia war, it was suggested that these factors initially spurred the gold bull market. Now, with retail traders exiting, this shift could pave the way for future rallying.
Toni Meadows, head of investments at BRI Wealth Management, emphasized that the price of gold and silver is largely dictated by ongoing demand and long-term trends rather than short-term fears. He stated, “It’s driven by long-term trends, not short-term fear trading.”
