Gold prices approached $5,000 per ounce in Asian trading Monday, reaching an intraday peak of $5,046.79 before settling at $4,996.47. Silver surged 3.3% to $80.53/oz, recovering from last week's $60 lows. The moves follow a turbulent week marked by 15% gold price swings and sharp silver declines.

Markets reacted to shifting expectations around Federal Reserve policy under nominee Kevin Warsh, whose selection strengthened the dollar and triggered precious metals sell-offs. Geopolitical tensions eased slightly as U.S.-Iran nuclear talks showed progress, reducing safe-haven demand. Platinum fell 2.3% to $2,068.45 while gold futures edged above $5,016.

Traders await key U.S. economic data including Friday's nonfarm payrolls report and inflation figures. These releases could clarify whether the Fed maintains its aggressive rate stance under new leadership. Gold remains up 15% year-to-date despite retreating from February's record highs, with silver gaining 5%.

Quick Fact: Gold and silver have gained 15% and 5% respectively in 2026.