Spot gold surged to fresh record highs, with prices climbing as much as $3,317.20 per ounce before consolidating currently around $3,311. This historic rally was fueled by escalating US-China trade tensions after President Trump announced new probes into tariffs on critical minerals, intensifying safe-haven demand for physical gold. The weaker US dollar further supported bullion prices, while technical indicators signaled strong buying momentum despite overbought conditions. Central bank purchases and robust inflows into gold-backed ETFs also contributed to the upward move, as investors sought protection against mounting geopolitical and economic uncertainty.
Silver prices followed gold’s lead, rising to $33.03 per troy ounce, up 2.23% from the previous day and marking a 14% gain since the start of the year. The metal benefited from the same drivers as gold—trade war fears, a softening dollar, and investor appetite for safe-haven assets. Additionally, silver’s industrial demand prospects remain in focus, particularly as global economic jitters threaten supply chains. The gold/silver ratio edged higher to 100.15, reflecting gold’s out performance but also suggesting potential value in silver for diversification. Both metals remain sensitive to further developments in US-China trade negotiations and upcoming remarks from Federal Reserve Chair Jerome Powell, which could shape expectations for interest rates and inflation in the months ahead.
