To update prices before settlement and add details

February 6 (Reuters) - Gold prices recovered on Friday, supported by a buying spree, a slightly weaker dollar, and continued concerns about talks between the United States and Iran in Oman. Silver also recovered from a one-and-a-half-month low.

Gold rose 3.9 percent to $ 4,954.92 an ounce by 7:18 p.m. GMT in spot trading, recovering from losses incurred during a volatile Asian trading session that followed a 3.9 percent drop on Thursday. The precious metal is on track for a weekly gain of around 2 percent.

U.S. gold futures for April delivery rose 1.8 percent to $ 4,979.80 an ounce.

The CME Group, which operates the U.S. futures exchanges, indicated earlier today that the release of precious metals settlement prices might be delayed.

The dollar index fell 0.2 percent, making gold priced in dollars less expensive for holders of other currencies.

Jim Wyckoff, senior analyst at Kitco Metals, said, "The gold market is seeing profitable buying from optimistic traders."

Iran's foreign minister said on Friday that nuclear talks with the United States, mediated by Oman, had gotten off to a "good start" and were expected to continue. The remarks may help to ease any concerns that the Middle East could be pushed into war if an agreement is not reached.

Wyckoff stated that the gold recovery lacks momentum, and the metal is unlikely to break records without a major geopolitical catalyst.

Gold prices, a traditional safe-haven asset, tend to rise during times of geopolitical and economic uncertainty.

Silver prices jumped 8.6 percent in spot trading to $77.33 an ounce, after falling earlier in Asian trading to below $65, but are still on track to record a weekly decline of more than 8.7 percent after sharp losses last week as well.

The CME Group, which operates U.S. futures exchanges, raised margin requirements for gold and silver futures contracts for the third time in two weeks on Thursday to limit risks stemming from increased market volatility.

Platinum rose 5.4 percent to $ 2,093.50 an ounce in spot trading, and palladium climbed 6.2 percent to $ 1,717.05 .