Gold, silver and platinum gain traction as U.S. dollar weakens on debt concerns
Gold is leading the bounce, rising 1.15%
Precious metals are advancing again on Friday, recovering from Thursday’s decline, which had been triggered by a brief rebound in the U.S. dollar. Gold, silver, and platinum are showing strength in Friday’s European session, supported by the renewed dollar weakness and underlying bullish trends that have shaped their weekly price movement.
• Gold regains short-term uptrend momentum on weaker dollar
• Silver fights key resistance after recovering from Thursday’s drop
• Platinum targets $1,100 after strongest weekly gain of 2025
Gold is leading the bounce, rising 1.15% to reach an intraday high at $3,333.7 per ounce. Although the metal is still trading within Thursday’s bearish price range, the short-term uptrend that began in mid-May appears to have regained steam. Thursday’s session saw an initial surge toward $3,347 before declining lower for the rest of the day. The initial surge toward $3,347 formed a double top that now serves as a short-term target for buyers. On the 4-hour chart, RSI is moving higher in bullish territory, suggesting buying momentum could persist and potentially test the next supply zone above $3,366.
Silver and platinum at key inflection points ahead of North American session
Silver is also showing signs of recovery after Thursday’s sharp decline. The metal dropped to $32.60 during yesterday’s session but rebounded strongly from support provided by the 4-hour 50 and 100 EMA. Silver managed to close at $33.05, recovering more than half of the earlier losses. However, today’s price movement has been subdued despite ongoing dollar weakness. The metal is struggling to break above the 33.245 resistance level, and failure to reclaim it could prompt another move toward the EMA support area. If the level is retaken, attention may shift to the 33.7 resistance zone.
Gold, silver, and platinum price dynamics (March-May 2025). Source: MT4
Platinum has been the most consistent performer among the group. Unlike gold and silver, it managed a bullish upclose on Thursday despite dollar strength and limited volatility. Today, platinum extended above Thursday’s high and is retesting the $1,095 resistance level, a ceiling that capped gains last year. The weekly gain now stands at 11%, and a firm breakout would put the psychological $1,100 level within reach.
The renewed bullish momentum across precious metals reflects a broader shift in sentiment as concerns over rising U.S. debt continue to weigh on the U.S. dollar. If current trends hold into the North American session, gold may challenge recent highs, silver could reclaim near-term resistance, and platinum may break into new yearly territory.
Gold fell from its recent peak as the dollar regained strength ahead of key PMI data. Platinum turned lower after a 10% weekly surge pushed it into overbought territory.
