Gold, silver prices fall further as dollar strength pressures metals

Global commodities traders saw gold and silver prices experience a volatile reversal during Asian trading hours on February 6, 2026, as market participants engaged in bargain hunting following a week of aggressive selloffs. The precious metals complex faced intense downward pressure throughout the week primarily due to a resurgent U.S. dollar, which gained strength following President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chairman. Investors interpreted the nomination as a shift toward a less dovish monetary policy, reducing the appeal of non-yielding assets and safe-haven commodities worldwide. Silver emerged as the weakest performer among major metals, tracking toward a staggering 14% weekly loss after a massive 16% intraday collapse on Thursday. While spot silver slightly recovered to approximately $72.96 per ounce by Friday morning, analysts from OCBC warned that the $70–$90 range now serves as a critical stabilization zone; a failure to maintain these levels could trigger a deeper correction toward the $58 mark. Gold fared slightly better but remained roughly $800 below its recent record highs, with spot prices hovering near $4,825 per ounce as it struggled to reclaim the psychological $5,000 threshold. Beyond central bank politics and currency fluctuations, geopolitical developments further dampened the demand for traditional safe havens. Cooling tensions between the United States and Iran, highlighted by scheduled diplomatic talks in Oman, removed some of the risk premium that had previously supported elevated metal prices. Other industrial precious metals were not immune to the rout, with platinum recording a 10% weekly decline, emphasizing a broad-based retreat from the sector as the dollar headed for its strongest weekly performance since October.