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Spot gold rose 3.9% to $4,954.92 per ounce by 2:18 p.m. ET (1918 GMT), recouping losses ‌during a volatile Asia session following Thursday’s 3.9% decline. The yellow metal was headed for a weekly gain of about 2%.

U.S. gold futures for April delivery settled 1.8% higher at $4,979.80 per ounce.

CME Group had flagged a delay in publishing metals settlement, earlier in the day.

The U.S. dollar index fell 0.2%, making greenback-priced bullion cheaper for overseas buyers.

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“The gold market is seeing perceived bargain hunting ‌from bullish traders,” ‍said Jim Wyckoff, senior analyst at Kitco Metals.
Iran’s top diplomat ‍on Friday said that nuclear talks with the U.S. mediated ‌by Oman were off to a “good start” and set to continue. The remarks could help allay concerns that failure to reach a deal might nudge the Middle East closer to war. Wyckoff said gold’s rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic ‍uncertainty.

Meanwhile, spot silver rose 8.6% to $77.33 an ounce after dipping below $65 earlier in the session, but was still headed for a weekly ‍drop, down ⁠over 8.7%, following steep ⁠losses last week as well.

“What we’re seeing in silver is huge speculation on the long side,” said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 5.4% to $2,093.50 per ounce, while palladium rose 6.2% to $1,717.05.

Thermal screenings have been reinstated at airports in Indonesia and Asia following Nipah virus cases in India’s West Bengal, prompting quarantine measures. The WHO warns the virus’s high fatality rate (40-75%) with no current cure or vaccine. Experts note that border screenings may be ineffective due to the virus’s incubation period of up to 45 days.

Increased Airport Screenings and Concerns

Passengers arriving in Bali and other Asian countries are experiencing thermal screenings at airports again, a precautionary measure to detect the Nipah virus. This virus, carried by fruit bats and other animals, has recently prompted health alerts, especially after cases were confirmed in eastern India. Awareness of such zoonotic diseases has heightened post-pandemic, emphasizing the need for vigilance. The recent detection of two cases in West Bengal has led to quarantine measures, affecting nearly 200 people to prevent further transmission.

Dangers of the Neper Virus

The Nipah virus is highly dangerous with a high mortality rate, estimated between 40% to 75%, according to the World Health Organization. It has no current cure, vaccine, or specific treatment, making management challenging. The virus was first identified in Malaysia in 1998, with sporadic outbreaks mostly contained in Bangladesh. Its ability to spread between humans, combined with a long incubation period that can reach up to 45 days, complicates efforts to control outbreaks.

Ongoing Public Health Challenges

While the Nipah virus has not shown signs of becoming more transmissible or spreading widely, it remains a significant health threat. Experts warn that traditional airport screenings may not be entirely effective due to the lengthy incubation period, underscoring the importance of ongoing vigilance and research. Public health organizations continue to monitor the situation closely, emphasizing preventive measures and the importance of awareness to curb potential outbreaks.

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The pan-European STOXX 600 was up 0.9% ‌at 617.12 points, ‌also bouncing back from a drop earlier in the session.

Stellantis tanked 25.2%, its biggest single-day drop on record and sent the broader auto ‌sector index down 3%.

The Franco-Italian company booked charges of around 22.2 billion euros ($26.5 billion) in the second half of last year as it scaled down electric-vehicle development plans.

Meanwhile, defence stocks were among top gainers with a 1.6% rise.

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Norway’s Kongsberg jumped 15.6% after reporting a bigger-than-expected rise in operating profit for the fourth quarter. It also won a $165 million order from Germany and Sweden for remote weapon stations.
The STOXX 600 closed the week with a 1% gain, as markets navigated ups and downs driven by the corporate ‌updates and ‍the European Central Bank’s interest rate decision. A surprising sell-off in technology and media stocks ‍also weighed on sentiment earlier this week. Global investors have been weighing the ‌repercussions of newer artificial intelligence tools that are likely to intensify competition for traditional software businesses.

On the other hand, AI majors such as U.S.-based Amazon.com and Alphabet have unveiled plans to boost their spending on the technology that analysts say could benefit hardware makers.

“In the U.S., they are seeing a dislocation between software and hardware, driven by an AI theme that is boosting demand for memory, while creating challenges for software companies, and that’s the dislocation currently being priced by the market,” said Sophie Huynh, portfolio ‍manager & strategist at BNP Paribas Asset Management, adding that much of this uncertainty was spilling over to the rest of the world.

Tech and media stocks gained 1.2% and 0.5%, respectively, ‍on the day, ⁠but both have been the ⁠biggest laggards on the benchmark index this week. The tech sector posted its biggest weekly drop in 11 weeks.

Banks, which had rallied for much of last year, were up 1.4% on the day.

Societe Generale edged 2.2% lower after the French lender reported a sharp drop in investment banking trading revenue that underperformed rivals and overshadowed an overall forecast-beating fourth quarter.

Among individual movers, weight-loss drugmaker Novo Nordisk gained 5.3% after the U.S. Food and Drug Administration threatened action on “illegal copycat drugs”.

Norwegian telecom operator Telenor climbed 7.2% after reporting fourth-quarter earnings above analysts’ expectations.

On the economic front, German production fell more than expected in December, tempering industrial recovery hopes.