Silver price hits a five-month high but retreats toward the $34 figure late on Friday, as traders brace for the weekend, eyeing a busy economic schedule in the United States (US).

Gold price rallied sharply on Friday, hitting a new record high of $3,086 amid uncertainty over US trade policy, alongside an uptick in the Federal Reserve's (Fed) preferred inflation gauge.

United States Baker Hughes US Oil Rig Count declined to 484 from previous 486

Silver price (XAG/USD) posts a fresh five-month high near $34.60 in North American trading hours on Friday.

The postponement of US import tariffs on certain goods from Canada and Mexico granted by US President Trump at the beginning of March will end next Wednesday, Commerzbank's commodity analyst Carsten Fritsch notes.

US natural gas prices traded under pressure as the US witnessed its second straight week of inventory injection while weather forecasts remained mixed, ING's commodity experts Ewa Manthey and Warren Patterson note.

Meanwhile, Copper has continued to retreat from its nine-month high as expectations for the ex-US tightness are retreating following reports earlier this week that US tariffs on Copper imports could be imposed within weeks, not months, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold surged to a fresh record high this morning, surpassing the previous record hit just yesterday, after US President Donald Trump announced 'permanent' 25% tariffs on auto imports, intensifying trade tensions, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold price (XAU/USD) is penciling another record performance this Friday, hitting $3,086 as the new all-time high for now and trading around $3,075 at the time of writing.

US crude oil inventories declined by 3.3 million barrels last week, as reported by the US Department of Energy in the middle of the week, Commerzbank's commodity analyst Carsten Fritsch notes.

Data published this week by the Hong Kong Statistics Authority on Gold trade with China confirmed the picture of very weak demand for Gold in China, Commerzbank's commodity analyst Carsten Fritsch notes Gold exports to China and Hong Kong come to a standstill in February "According to the data, 26.4 tons more Gold were delivered from China to Hong Kong in February than vice versa.

Gold has reacted positively to the latest US tariffs, Commerzbank's commodity analyst Barbara Lambrecht notes.

Silver prices (XAG/USD) broadly unchanged on Friday, according to FXStreet data.

Silver (XAG/USD) climbs its highest level since late October 2024 during the first half of the European session on Friday and currently trades around mid-$34.00s, up nearly 0.30% for the day.

West Texas Intermediate (WTI) Oil price falls on Friday, early in the European session.

Platinum Group Metals (PGMs) trade mixed at the beginning of Friday, according to FXStreet data.

Silver price (XAG/USD) retreated after gaining over 2% in the previous session, trading near $34.30 per troy ounce during Asian hours on Friday.

Gold prices rose in India on Friday, according to data compiled by FXStreet.

Gold price (XAU/USD) attracts follow-through buyers for the second consecutive day and climbs to a fresh record high, around the $3,077-3,078 area during the Asian session on Friday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.70 during the early Asian session on Friday.

Silver price rallies sharply on Thursday, clears the $34.00 mark as uncertainty about US trade policies, regarding 25% tariffs in all cars, increased appetite for the precious metal.

Silver price (XAG/USD) advances to near $34.00 during European trading hours on Thursday.

Gold price (XAU/USD) sprints higher on Thursday, gaining around 0.70% gains, trading at $3,040 at the time of writing.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data.

West Texas Intermediate (WTI) crude Oil price halts its three-day rally, trading around $69.20 per barrel during European hours on Thursday.

West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session.

Platinum Group Metals (PGMs) trade mixed at the beginning of Thursday, according to FXStreet data.

Gold price (XAU/USD) attracts fresh buyers following the previous day's flat close and climbs to a fresh weekly high, around the $3,038-3,039 region during the Asian session on Thursday.

Gold prices rose in India on Thursday, according to data compiled by FXStreet.

Silver (XAG/USD) recovers recent losses from the previous session, trading around $33.70 per troy ounce during Asian hours on Thursday.