Muscat: Gold and silver prices recovered part of their early losses on Friday but remained on track for a second consecutive weekly decline, as a global sell-off in technology stocks and a stronger US dollar erased much of the gains recorded earlier in the week.

According to Qatar News Agency, spot gold rose 0.4% to $4,790.80 an ounce, though it is still set to post a weekly loss of around 1.4%. US gold futures for April delivery fell 1.7% to $4,806.50 an ounce.

Spot silver was steady at $71.32 an ounce, after plunging 19.1% in the previous session. Earlier in the day, silver had dropped by about 10% to below $65 an ounce, marking its lowest level in more than six weeks.

Among other precious metals, platinum declined 4.7% in spot trading to $1,892.74 an ounce, after having reached a record high of $2,918.80 on January 26. Palladium, meanwhile, rose 0.8% to $1,628.95 an ounce.

In currency markets, the US dollar hovered near a two-week high and was on track for its strongest weekly performance since November. The stronger dollar has weighed on precious metals by making dollar-denominated assets more expensive for holders of other currencies.