Gold futures edged up 1.3% just above the $5,260 mark while silver spiked 7.6% past the $94.25 mark Friday shortly after 1 p.m. EST, as geopolitical tensions and a weakening dollar fueled a rally in precious metals .
Spot Prices Follow
Spot prices followed suit, with gold up just over 1%, nearing an all-time high recorded before it slumped in January, and silver up 7.2% . Silver is still well away from the all-time high it recorded last month, when it reached over $120 .
Geopolitical Catalyst
The metal rally continued a day after U.S.-Iran nuclear talks did not result in a deal, though the two sides agreed to extend negotiations as President Donald Trump mulls military strikes against Iran . The lack of resolution and ongoing threat of conflict drove investors toward safe-haven assets .
Dollar Weakness
The metals surged as the U.S. dollar index fell nearly 0.2% to $97.64, maintaining a plateau that has held since mid-February. A weaker dollar typically boosts precious metals prices by making them cheaper for foreign buyers .
Market Outlook
With geopolitical tensions remaining high and the dollar showing weakness, analysts suggest gold and silver could see continued support in the near term. Silver’s volatility—spiking 7.6% in a single session—highlights the heightened sensitivity of precious metals to global events and currency fluctuations .
