Gold tried to bounce back on Friday but is still on track for a weekly drop. The US dollar is strong, hovering near a one-month high, keeping pressure on the market. Traders are watching upcoming US inflation data closely, as it could steer the Fed’s next moves.
Spot gold rose slightly to $2,020 per ounce, while April futures climbed to $2,037. Investors are still buying on dips, especially with ongoing geopolitical tensions between the US and Iran keeping gold in the safe-haven spotlight.
Other metals saw small gains too — silver moved up to $28.83, platinum to $1,085, and palladium to $1,691 per ounce. Asian demand was muted as India stayed cautious and markets across China and other parts of Asia were closed for Lunar New Year.
With volatility expected to continue, many traders see dips as buying opportunities.
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