Gold, silver, and platinum edge higher on disappointing U.S.-UK trade deal

Precious metals rebounded on Friday as markets questioned the strength of the recently announced U.S.–UK trade deal, casting doubt on broader U.S. trade strategy just before the weekend’s high-stakes China–U.S. summit.
Gold, silver, and platinum all posted gains in early European trading, buoyed by a pullback in the U.S. Dollar Index (DXY), which slipped as traders downplayed the impact of Thursday’s trade agreement.
Gold extended its recovery from an earlier low of 3275, where the 20-day EMA provided support during the Asian session. Price has since rebounded to 3333, up nearly 0.7% intraday and holding a weekly gain of 2.7%. However, momentum is not convincing. The rebound came on declining volume, and the 4-hour RSI remains in bearish territory. This suggests gold’s short-term downtrend may still be in place. A break below the 3267 demand zone would expose gold to deeper downside and potentially multi-week lows.
Silver and platinum rise today but lack of volume limits confidence in upside outlook
Silver also saw a modest uptick, currently trading near 32.60 after holding the 32.2 support for the third consecutive session. The repeated defense of this level shows underlying demand, yet the lack of volume on today’s bounce and a neutral 4-hour RSI point to a continuation of the current consolidation range between 32.2 and 32.75. Silver has gained 0.5% today and nearly 2% on the week.
Gold, silver and platinum price dynamics (April - May 2025). Source: TradingView
Platinum outperformed, rising 1% after testing 978.8 during Asia’s session and briefly breaking above the 991.1 resistance that has capped prices for the past two days. The move, though not sustained, came in line with bullish signals on both the 4-hour and daily RSI chart. If the metal clears 991.1, it could open a path to the psychological 1000 mark.
Overall, today’s gains in precious metals are driven more by weakness in the dollar than broad conviction in metals themselves. Market attention now shifts to the outcome of the U.S.–China summit in Switzerland, where a failure to resolve tariff demands could trigger further dollar weakness and support safe-haven buying next week.