Gold surged to fresh record highs today, trading above $3,560 per ounce with momentum supported by expectations of US Federal Reserve rate cuts and heightened safe-haven demand due to mounting global fiscal and geopolitical risks. Silver traded around $41 per ounce, extending its bull run at levels not seen since 2011, aided by the same risk-off sentiment and strong industrial demand, especially from China's solar sector.
Gold Price Action
Gold reached $3,567.80 per troy ounce, up 0.93% from yesterday and up 5.74% in the past month.
Factors driving gold’s gains include anticipated rate cuts by the US Fed, political uncertainty around central bank independence, and market anxiety over trade policy.
Technically, gold broke through key resistance levels and is consolidating near new highs, with potential targets above $3,600.
Gold price is up 42.95% compared to this time last year.
Silver Price Action
Silver climbed to about $41.27 per ounce, up 1.11% today, with most live spot indicators showing prices between $40.86 and $41.27.
Silver is up 9.18% for the month and has gained 44.53% over the past year.
The rally is driven by safe-haven flows and robust industrial demand, notably strong growth in China’s solar cell exports.
Silver prices today are at the highest levels observed since 2011.
Current Market Drivers
Both metals benefited from rising fiscal deficits, persistent inflation, and central bank credibility concerns.
Uncertainty around trade negotiations, US monetary policy, and elevated geopolitical tension (including public statements from global leaders) has fueled investor appetite for tangible assets like gold and silver.
Focus remains on upcoming US jobs data, which may further impact Fed policy expectations and precious metal demand.