Key Takeaways:

• Silver steals the show: Spot silver jumped 3.6% this week, fueled by forecasts of a widening supply deficit and surging demand from the artificial intelligence sector.
• Gold maintains a tight range: Bullion is tracking for a mild 0.9% weekly gain, caught between safe-haven appeal and fears of energy-driven inflation.
• Diplomacy dictating sentiment: A newly brokered 10-day ceasefire between Israel and Lebanon has boosted hopes for a broader U.S.-Iran peace deal.
• Platinum catches a bid: Industrial exposure pushed platinum up 1.6% for the week, outperforming gold’s more muted price action.

While gold prices saw minimal movement during Friday’s Asian trading session, the broader precious metals complex is wrapping up a highly dynamic week. Bullion remains anchored in a tight trading range as markets digest shifting Middle East geopolitics, but the real momentum has shifted to industrial-leaning metals like silver and platinum, which are currently riding a wave of looming supply deficits.

Spot gold steadied at $4,789.31 an ounce on Friday, with futures hovering flat at $4,810.56. Despite a slight recovery in the U.S. dollar to end the week, gold is still on track to secure a mild 0.9% weekly gain.

Geopolitics Keep Gold Rangebound

Gold’s price action has been effectively boxed into a $4,700 to $4,900 range over the past week, struggling to find the momentum needed for a decisive breakout. The yellow metal’s traditional safe-haven appeal is currently locked in a tug-of-war with macroeconomic headwinds.

On the bullish side, bullion was aided earlier in the week by soft U.S. inflation data and a broadly weakening dollar. Furthermore, geopolitical tensions are showing tentative signs of cooling. U.S. President Donald Trump has touted improving relations with Tehran, expressing optimism that further peace talks will materialize before the current U.S.-Iran ceasefire expires next week. Market sentiment received an additional boost after the U.S. successfully brokered a 10-day ceasefire between Israel and Lebanon—a crucial development, as Iran had repeatedly demanded Lebanon’s inclusion in any broader regional peace framework.

However, capping gold’s upside is the persistent threat of energy-driven inflation. With oil prices remaining elevated due to continued shipping disruptions and the ongoing naval blockade in the Strait of Hormuz, investors remain cautious that hawkish monetary policy will persist, dampening the appeal of non-yielding assets like gold.

Silver and Platinum Outshine Bullion

While gold treads water, its industrial-leaning peers are pulling ahead. Spot platinum fell a fractional 0.4% on Friday to $2,082.76 an ounce but remains up an impressive 1.6% for the week.

Silver, however, is the undeniable standout. Spot silver rose 0.4% to $78.6895 an ounce on Friday, bringing its weekly gains to a robust 3.6%.

The massive outperformance of the white metal was catalyzed by a highly bullish industry survey published earlier this week by The Silver Institute and Metals Focus. The report forecast that the global silver market is hurtling toward its sixth consecutive annual supply deficit in 2026.

The projected shortfall is stark: an estimated 46.3 million ounces, representing a deficit 15% wider than what was recorded in 2025. The survey highlighted significantly depleted global silver inventories and projected that demand will increase rapidly in the coming months.

Crucially, this demand isn’t just coming from traditional physical retail channels. The report emphasized that the explosive growth of the artificial intelligence industry—which heavily relies on silver for advanced electronics and semiconductor manufacturing—is fundamentally reshaping the market, ensuring that silver will remain exceptionally well-bid as the year progresses.