Gold moved higher in Asian trading on Monday, with silver also posting gains after last week's pronounced volatility across precious metal markets. Traders attributed the prior week’s swings to a combination of cooling haven demand, profit-taking and heightened uncertainty about the trajectory of U.S. monetary policy.
Market participants are closely watching a slate of significant U.S. economic reports this week - most notably nonfarm payrolls and the consumer price index - for fresh signals on the health of the world’s largest economy and implications for interest-rate expectations.
Haven-linked interest in metals had eased after reports that the U.S. and Iran appeared to make some progress in weekend discussions, with both sides committing to continue talks that touch on Tehran’s nuclear ambitions. That development reduced some of the immediate safe-haven pressure that had supported prices.
By 20:49 ET (01:49 GMT), spot gold had risen 0.7% to $4,996.47 per ounce, briefly touching an intraday high of $5,046.79/oz. April gold futures gained 0.8%, trading at $5,016.21/oz. Spot silver climbed 3.3% to $80.5330/oz, recovering from near-week lows around $60/oz recorded last week. Spot platinum underperformed, dropping 2.3% to $2,068.45/oz.
Last week’s dramatic price moves were driven in part by investor unease about the outlook for U.S. monetary policy following the nomination of Kevin Warsh as the next Fed Chair. The nomination prompted a rebound in the U.S. dollar, which in turn triggered selling across precious metals as investors took profits on recent substantial gains.
On the year to date, gold is up about 15% and silver roughly 5% in 2026. Both metals fell sharply from the record highs they reached in early February, illustrating the rapid reversal from earlier strength.
Market context
With volatile price action having taken place, traders remain attentive to incoming U.S. economic data and ongoing geopolitical developments that could shift safe-haven flows or influence the dollar.