The retreat Friday in the price of gold probably marks a pause, not a trend, in the precious metal's ascent, according to a Barclays Capital report.

Pessimism surrounding the state of the global economy and heightened macro risks have driven the resurgence in investor demand with exchange-traded products hitting new highs this week, speculative positions on Comex closing in on record levels and increasing demand for coins, the investment house said.

"Although profit-taking, margin requirement hikes and seasonally soft physical demand could temper the rally in the near term, the external environment has turned increasingly fertile for further price gains," Barclays said.

Silver has partially benefited from gold's positive sentiment, but its underlying supply and demand dynamics remain weak.

In platinum group metals, potential supply disruptions are still lurking in the background, as the biennial wage negotiations continue, but concerns about demand have weighed upon prices.