Gold prices continue to hover near record highs, with spot gold trading at $2,958.9 per ounce as of Monday morning, up 0.19% from the previous close. The precious metal’s strength is largely attributed to a weaker US dollar following disappointing economic data released last week, including lower-than-expected US Composite PMI and higher Initial Jobless Claims. Investors are closely watching the upcoming Personal Consumption Expenditures (PCE) report, due on Friday, for further insights into the Federal Reserve’s interest rate trajectory. The ongoing trade uncertainties and geopolitical tensions continue to support gold’s safe-haven appeal, with some analysts projecting prices could reach $3,000 per ounce in the near term.
Silver prices are holding steady, with spot silver trading at $32.855 per ounce, down 0.47% from the previous close. The metal is finding support around the $32.50 level amid increased market caution. The gold-to-silver ratio currently stands at 90.45, up slightly from 90.19 on Friday. While silver has seen a 12.73% increase since the beginning of the year, its performance has been somewhat overshadowed by gold’s impressive rally. Analysts suggest that silver could continue to benefit from industrial demand and its role as a cheaper alternative to gold for investors seeking precious metal exposure.
