Precious metals and oil slide as Dollar surges, tech stocks tumble
Gold, silver, and crude fall amid market volatility, U.S. rate cut expectations, and Iran-U.S. diplomatic talks.
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Gold and silver continued their losses on Friday, as the global decline in technology stocks and the rise of the dollar wiped out most of the gains the precious metals had made during a brief recovery earlier this week.
Spot gold fell 0.7 percent to $4,735.99 per ounce by 00:37 GMT, following a 4% drop on Thursday.
U.S. gold futures for April delivery dropped 2.8 percent, settling at $4,752.40 per ounce.
Silver in spot transactions fell 3.2 percent to $68.97 per ounce, after plunging 19.1 percent in the previous session. It had earlier dropped 10 percent to below the $65 level, marking its lowest point in over a month and a half, according to Reuters.
The MSCI global stock index fell more than one percent on Thursday amid growing concerns over the high costs associated with the artificial intelligence boom, while U.S. Treasury bonds saw increased demand following weak labor market data.
The dollar reached its highest level in two weeks on Thursday amid renewed fluctuations in the stock markets.
According to the FedWatch tool, investors anticipate at least two interest rate cuts of 25 basis points each in 2026, with the first expected in June.
The non-yielding precious metal typically performs well during periods of low interest rates.
In geopolitical developments, the White House stated that diplomacy is President Donald Trump's first choice for handling Iran, and he will wait to see if an agreement can be reached in upcoming talks, though he also cautioned that military options remain available.
Platinum in spot transactions fell 3.6 percent to $1,916.45 per ounce, after reaching an all-time high of $2,918.80 on January 26, while palladium rose 1.3 percent to $1,638.25.
Iran and the United States are holding talks in Oman today, Friday, as the results of the negotiations are eagerly anticipated.
In this context, Brent crude futures fell 50 cents, or 0.74 percent, to $67.05 per barrel by 01:02 GMT, following a 2.75 percent decline at the previous session's close.
U.S. West Texas Intermediate crude fell 52 cents, or 0.82 percent, to $62.77 per barrel, after a 2.84 percent drop on Thursday.
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