As global economic uncertainty looms large, investors are flocking to precious metals as traditional safe-haven assets. This week's market activity showcased starkly different performances between gold's steady climb and silver's rollercoaster ride.
GOLD'S IMPRESSIVE RALLY
COMEX gold futures closed at $4,985.10 per ounce on Friday, February 6, marking a 1.96% daily gain and an impressive 5.05% weekly increase . This outperformed spot gold, which rose just 1.37% for the week to settle at $4,960.64 .
The yellow metal demonstrated remarkable strength throughout the week, with spot prices forming a distinct "W-shaped" recovery pattern between $4,402.95 and $5,091.60 . Intraday trading saw prices breach key psychological levels, with spot gold touching $5,080 and futures surpassing $5,100 .
SILVER'S VOLATILE WEEK
Silver presented a dramatically different picture, with wild price swings highlighting its dual nature as both precious and industrial metal. While February 6 saw COMEX silver futures jump 10.19% to $77.79 and spot silver surge 9.82% to $77.88 , the white metal still recorded an 8.48% weekly decline .
Trading ranges were exceptionally wide, with prices oscillating between $64.10 and $92.20 during the week. The market witnessed several explosive moves, including a 15% single-day surge to $88.57 and another 10% jump to $84.74 . At one point, futures briefly topped $115 with an 8.53% gain .
OTHER PRECIOUS METALS
The broader precious metals complex showed mixed performance:
• Copper: COMEX futures rose 1.14% to $5.89/lb but fell 0.59% weekly
• Platinum: Spot prices gained 5.66% to $2,103.89 but dropped 4.17% for the week
• Palladium: Increased 2.67% to $1,701.07 while declining 0.63% weekly
MARKET IMPLICATIONS
The divergent performances reflect gold's traditional role as a stability anchor during turbulent times, while silver's industrial applications make it more sensitive to economic fluctuations. Gold's breakthrough above $5,000 for the first time - followed by a push toward $5,300 - signals strong bullish sentiment among investors seeking shelter from economic storms.
Market observers will continue monitoring macroeconomic indicators, geopolitical developments, and shifting risk appetites to gauge precious metals' trajectories in the coming weeks.