Gold prices climbed back above the key $5,000 per troy ounce mark on Friday, as bargain hunters entered the market after a steep sell-off. At the time of publishing, gold touched a session high of $5,019.
The precious metal had dropped nearly 3% on Thursday, reaching a one-week low and briefly falling below the $5,000 support level due to increased selling pressure amid declining equity markets.
Other precious metals also saw strong gains. Palladium surged 5% to $1,697.44 per ounce, continuing its bullish momentum. Silver recovered sharply, rising 4.6% to $78.59 per ounce after falling 11% in Thursday’s volatile session, and remains on track for a modest weekly gain of 0.7%. Platinum also increased 1.7%, trading at $2,033.99 per ounce.
