Baku: Gold prices rose in Asian trade on Monday, while silver also advanced after metal markets logged wild swings last week amid sluggish haven demand, profit-taking, and increased uncertainty over U.S. monetary policy, APA-Economics reports, citing Investing.com.
According to Azeri-Press News Agency, focus this week is on a host of key U.S. economic prints-chiefly nonfarm payrolls and consumer price index inflation-for more cues on the world’s largest economy. Haven-linked demand for metals cooled as the U.S. and Iran were seen making some headway in weekend talks, with both sides pledging to continue discussions over Tehran’s nuclear ambitions.
Spot gold rose 0.7% to $4,996.47 an ounce by 20:49 ET (01:49 GMT), briefly hitting an intraday peak of $5,046.79/oz. Gold futures for April also saw an increase of 0.8% to $5,016.21/oz. Meanwhile, spot silver rose 3.3% to $80.5330/oz, showing a recovery from lows of near $60/oz hit last week. However, spot platinum lagged, experiencing a 2.3% decline to $2,068.45/
oz.
Precious metal markets experienced wild fluctuations last week as traders reacted to concerns over the outlook for U.S. monetary policy under President Donald Trump’s nominee for the next Chairman of the Federal Reserve, Kevin Warsh. Warsh’s nomination spurred a rebound in the dollar, which led to a wave of selling across precious metal markets, with traders also locking in recent gains in gold and silver prices.
Gold and silver have seen a rise of 15% and 5%, respectively, so far in 2026, after both metals plummeted from record highs in early February.