Gold
Spot gold is holding near all-time highs, trading around $3,644.49 per ounce as of late morning, after climbing to a temporary record high of $3,673.95 yesterday. The rally is powered by growing expectations of a Federal Reserve rate cut at next week’s meeting, now nearly fully priced by markets. Softer U.S. producer prices in August raise the odds of additional easing. A ruling blocking the White House’s attempt to remove Fed Governor Lisa Cook has also raised doubts about central bank independence and boosted gold’s safe-haven appeal. The U.S. dollar remains weak, and Treasury yields remain subdued—both favorable for gold. Market strategists now see gold trading in a broad range up to $3,900, with some forecasting a potential rise to $4,000 by 2026.
Silver
Silver is also strong, advancing about 0.6% today to near $41.13 per ounce. This marks a run to its highest level since 2011, supported by gold’s strength and broad bullion optimism. Silver benefits as a gold proxy and holds additional industrial upward bias. ETF inflows and tight spot markets reinforce momentum, and analysts are lifting forecasts toward $44–$45 per ounce.
Other news affecting these spots
Markets are reacting strongly to U.S. economic and policy signals. Softer producer price data and cooling labor trends strengthen expectations of Fed easing. That reduces the opportunity cost of holding non-yielding bullion. A ruling that blocked attempts to remove a Fed governor has also heightened political uncertainty about central bank independence. Global tensions—from continued Russia–Ukraine risks to Middle East geopolitics—add to gold and silver’s safe-haven bid. Meanwhile, central bank gold buying, especially from China, remains strong. ANZ raised its year-end gold forecast to $3,800, projecting a peak near $4,000 by mid-2026, citing these key factors.
Platinum
Platinum gained about 1.3% today, reaching around $1,386.45 per ounce. The metal is especially linked to industrial and automotive demand, with tight supply helping to cushion prices. While macro drivers are less impactful than for gold or silver, a weaker dollar and heightened risk appetite help lift platinum along with the broader complex.
Palladium
Palladium rose sharply today by around 3.1%, trading near $1,182.30 per ounce. Demand from auto sectors, especially in catalytic converters, underpins the gains. Unlike gold or silver, palladium’s price moves are driven more directly by industrial conditions and supply scarcity. Yet today’s broader bullish tone in metals markets also spill over to support its rise.
Why this matters
Gold and silver are surging amid high-confidence expectations of near-term Fed easing and rising political risk. A weak dollar and low yields further back the gains. Silver, with its higher beta, is surging more aggressively but remains tethered to gold’s narrative. Platinum and palladium, though less influenced by monetary policy, benefit when macro stress pushes investors toward hard assets. The week’s upcoming consumer inflation data will likely shape how far these rallies can go. A surprise hawkish inflation print could pause bullion’s climb. But so far, the macro landscape is firmly tilted toward metals.
