Silver dips nearer $70 as precious metals end volatile week lower
Pound, gold and oil prices in focus: commodity and currency check, 6 February
Lucy Harley-McKeownUpdated
Fri 6 February 2026 at 5:50 am GMT-5
3 min read
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Gold (GC=F) and silver (SI=F)
Silver prices took the headlines in precious metals on Friday, with a dip below the $74 per ounce mark and a 4.7% selloff for silver futures (SI=F) contracts. Silver is ending the week nearly 5.7% lower overall.
Analysts put the rout down to leveraged positions being flushed out following days of intense speculative activity.
"Much of that damage has since been reversed in early Asian trading, with sentiment stabilising as traders reassess the fundamentals," said Neil Welsh, head of metals at multi-asset brokerage Britannia Global Markets.
Meanwhile, gold futures (GC=F) traded slightly lower, around the $4,880 per ounce mark, while spot prices were at $4,872. Gold futures are set to end the week about 3.6% higher.
The dollar also traded sideways, having hovered near a two-week high on Thursday supported by US president Donald Trump’s nomination of Kevin Warsh as chair of the Federal Reserve. The move fuelled speculation that the central bank could take a less dovish approach than previously expected, providing further support for the dollar.
Oil (BZ=F, CL=F)
Oil prices headed for their first weekly dip of the year, despite an uptick on Friday, as the risk of a military conflict between Iran and the US waned. The dip snaps a seven-week streak of gains for the viscose commodity.
Brent crude futures (BZ=F) prices gained 1.3% on Friday, to trade around the $68.40 per barrel mark, but were 3.2% lower over the past five sessions. West Texas Intermediate (CL=F) rose 1.2% to the $64 per barrel mark, and were on track for a weekly loss of 1.8%.
Talks between the US and Iranian officials have begun in Oman, with the Iranian foreign minister Abbas Araghchi travelling to Muscat. Steve Witkoff and Jared Kushner are also set to join the discussion.
Oman's foreign ministry has said the talks are “focused on preparing the appropriate conditions for resuming diplomatic and technical negotiations”.
The negotiations are primarily expected to address Iran's nuclear programme.
Pound (GBPUSD=X, GBPEUR=X)
Sterling regained some of the week's losses against the dollar on Friday, heading 0.3% higher in early trade to around the $1.357 mark.
Political tension in the UK following the release of the Epstein files, and revelations about former US ambassador and UK government advisor Peter Mandelson's relationship with disgraced financier Jeffrey Epstein, have led to questions around prime minister Keir Starmer's judgement in appointing him, as well as his position as leader.
Meanwhile, the Bank of England's latest policy meeting has ruffled some feathers.
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“Sterling has taken a bit of a battering in the last 48 hours amid political woes and a dovish Bank of England," said Matthew Ryan, head of market strategy at global financial services firm Ebury.
“While the razor-thin 5-4 vote in favour of no change at yesterday’s MPC [monetary policy committee] meeting is closer than markets had been expecting, we were far from completely surprised given just how entrenched the hawks and the doves have been in their respective views of late. It was Bailey’s dovish remarks, however, that caught us off guard.
“Not only did he signal increased confidence on achieving the inflation mandate, but he also seemingly paved the way for sooner and more aggressive cuts to the base rate this year. It's now merely a matter of timing as to when the MPC will deliver further easing."
The pound also rose 0.2% against the euro (GBPEUR=X) to the 1.15 mark. The European Central Bank (ECB) also left rates unchanged at 2% this week.
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