Gold Finally Rises! But Silver Plunges

Jakarta, CNBC Indonesia — Global gold prices attempted to recover during Friday’s trading (20/3/2026), though still overshadowed by the significant selling pressure from the previous day. Meanwhile, silver prices continued to weaken and exhibited even higher volatility.

According to market data, the spot gold price rose slightly by around 0.3% to US$4,662.51 per ounce, after having strengthened more earlier in the session. On the other hand, gold futures closed up 1.2% around US$4,662.10 per ounce.

In contrast, the spot silver price fell by about 1.7% to US$71.62 per ounce, despite fluctuating up and down throughout the trading session. Silver futures, however, still recorded a gain of around 0.8%.

Although gold is trying to rebound, both precious metals remain on a weekly downward trajectory. Gold is poised to drop nearly 9% over the week, while silver has slumped more than 10%. On Thursday’s trading, both gold and silver prices plunged around 3% amid heavy selling in the global market.

The pressure on precious metals comes amid growing market concerns about the economic impact of the Iran conflict.

Oil price volatility since the outbreak of the US-Israel-Iran conflict has also influenced global investor sentiment. Fluctuating oil prices have led market participants to reduce exposure to risky assets, including precious metals.

SP Angel analyst Arthur Parish believes the pressure on gold followed a previous long rally. “The previous rise has now fully unwound. Many momentum-based positions have exited the market,” he said, quoted from CNBC.com on Friday (20/3/2026).

Parish added that the previous rally was largely driven by short-term investors such as systematic hedge funds and retail investors. Now, some of those funds are beginning to exit the market.

On the other hand, global central bank gold purchases remain a long-term supporting factor.