Gold, silver rates today: Comex gold rebounds $62/oz, but silver stays under pressure; set for second weekly loss

Gold prices recouped part of their recent losses during Friday’s session, as the sharp correction appeared to have triggered value buying, while softness in the US dollar also aided sentiment.

On the economic front, weaker US labour market data reinforced expectations of a US Federal Reserve rate cut in June, supporting safe-haven demand. On the geopolitical front, Iran and the US began high-stakes negotiations in Oman on Friday over Tehran’s nuclear programme.

Tracking gold’s move on the day, the April futures contract on Comex rebounded by $62 per ounce to the day's high of $4951, recouping all of the $61.3 losses from the previous day.

Silver prices remain under pressure

Silver prices, which have a dual role as both a precious and an industrial metal, remained under pressure, with the March silver contract on Comex falling another $13 per ounce to an intraday low of $63.90, which is also a six-week low.

Silver, which had enjoyed a record-breaking rally until January 2026, with prices surging past $121 per ounce on optimism around its dual appeal as a safe haven and industrial metal, is now struggling to find a floor.

The rally was largely driven by speculative positioning rather than a rise in industrial demand, making price swings in silver far more extreme than in gold. Compared with gold, silver’s market size is significantly smaller, which tends to amplify volatility.

Meanwhile, the CME Group raised margin requirements for gold and silver futures contracts on Thursday, marking its third hike in the past two weeks, as the exchange operator seeks to curb risks arising from heightened volatility in the precious metals market.

Silver set to extend weekly losing run

So far this week, Comex silver is down more than 4% after plunging 22.5% last week and is set for a second straight weekly loss. In contrast, Comex gold is up around 4% for the week, despite sharp intra-week swings.

Both gold and silver witnessed wild price movements during the week, with pressure stemming from a strengthening US dollar index, which climbed sharply and made dollar-priced commodities more expensive for holders of other currencies.

The dollar index has gained 0.66% so far this week, putting it on track for its best weekly performance since November 2025.

The world’s reserve currency, which had lost over 1.15% in January amid policy uncertainty in Washington, regained strength following US President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair.

Seen as more hawkish than other contenders, the nomination led markets to price in a slower pace of potential rate cuts, boosting demand for the US dollar.

In addition, the sharp run-up in prices earlier prompted profit-booking, adding another layer of pressure on precious metals that had previously surged with little resistance on the upside.

(With inputs from Reuters)

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