Khadija Saeed

Spot silver wrapped up a turbulent week by surging 8.6% to $77.33 an ounce on Friday, bouncing back from a sharp drop below $65 seen earlier during Asian hours. Even with the late jump, prices remained more than 8.7% lower for the week. Gold, meanwhile, picked up close to 4% as a weaker dollar and continued uncertainty over U.S.-Iran negotiations pulled investors into safe-haven assets. “What we’re seeing in silver is huge speculation on the long side,” said Jim Wyckoff, senior analyst at Kitco Metals, who suggested the rally in metals may now be slipping into a “commodity bust” phase.