Gold prices rose in Asian trade on Monday, while silver also advanced after metal markets logged wild swings last week amid sluggish haven demand, profit-taking, and increased uncertainty over U.S. monetary policy. 

Focus this week is on a host of key U.S. economic prints– chiefly nonfarm payrolls and consumer price index inflation– for more cues on the world’s largest economy. 

Haven-linked demand for metals cooled as the U.S. and Iran were seen making some headway in weekend talks, with both sides pledging to continue talks over Tehran’s nuclear ambitions. 

Spot gold rose 1.6% to $5,038.38 an ounce by 01:03  ET (06:03 GMT). Gold futures for April rose 1.7% to $5,064.04/oz. 

Spot silver rose 5.3% to $82.1780/oz, rising further from lows of near $60/oz hit last week, while spot platinum lagged, trading flat around $2,105.13/oz. 

Gold, silver advance after whipsaw week

Precious metal markets logged wild swings last week as traders fretted over the outlook for U.S. monetary policy under President Donald Trump’s nominee for the next Chairman of the Federal Reserve, Kevin Warsh.

Warsh’s pick spurred a rebound in the dollar, which in turn sparked a wave of selling across precious metal markets, with traders also locking in recent, stellar gains in gold and silver prices. 

Gold and silver are trading up 15% and 5%, respectively, so far in 2026. Both metals plummeted from record highs in early-February.

“Large institutional investors still consider gold an attractive investment despite the recent selloff. That also appeared to be the view of the People’s Bank of China,” ANZ analysts said in a note, referencing recent data that showed the PBOC buying gold for a fifteenth consecutive month in January. 

The PBOC led a wave of gold buying across major central banks over the past year, in part due to increasing uncertainty over stretched fiscal spending in the developed world. 

A weekend election in Japan added to these concerns, as Prime Minister Sanae Takaichi’s landslide victory in Sunday’s lower house election opened the door for more fiscal spending in the country. 

US, Chinese data awaited for more cues

Focus this week is on a host of key economic prints from the U.S. and China, which are likely to provide more cues on the world’s largest economies.

The U.S. readings– nonfarm payrolls on Wednesday and consumer price index inflation on Friday– are expected to further factor into the Fed’s plans for interest rates.

Uncertainty over the long-term outlook for monetary policy boosted the dollar over the past week, which in turn weighed on metal prices. Silver was the worst hit by the sell-down, while gold still traded about $600/oz off a recent record high.

Chinese CPI data is also due on Friday and is likely to factor into expectations for more stimulus measures in the country.