Gold and silver exchange traded funds capped the week with a two-day bounce as the rally in the U.S. dollar slowed and precious metals gained some momentum.

After trading lower the first three days of the week, gold ETFs were on track to post a weekly gain.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were up 1% in Friday’s premarket.

Gold is trying to regain $1,600 an ounce after seeing its largest one-day gain since late January on Thursday.

Some are wondering if gold is losing its safe-haven status. During the latest Europe debt scare, investors have been favoring U.S. Treasuries and the dollar, while precious metals have lost ground.

However, the two-day rally suggests gold has declined enough to make it attractive to some investors. [Are Gold ETFs a Safe Haven Again?]

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