Gold
Spot gold rose strongly this morning, trading near $3,557.99 per ounce as of the early session. This is a 0.4% gain, placing it near its all-time high of around $3,578.50. Gold is on track for its best week in three months, up more than 3% over the past five days.
The primary driver is the growing expectation of a Federal Reserve rate cut this month. Markets now price in almost 100% probability of a 25-basis–point cut at the mid-September meeting. Weak labor data helps, with jobless claims rising sharply and private payroll gains falling short of expectations.
High cash flows into gold ETFs support the rally. Investors see gold as a safe haven amid political and central bank uncertainty. Concerns about the Fed’s independence and global geopolitical tensions, including Russia-Ukraine, add further tailwinds.
Silver
Spot silver rose about 0.5% to $40.85 per ounce this morning. It is on track for its third straight weekly gain. Silver earlier hit highs not seen since 2011. The metal is rising in tandem with gold, but at a faster pace, due to its higher beta. As investors brace for a Fed rate cut and safer markets, silver draws interest both as a hedge and an industrial input.
Other news affecting gold & silver
Weak U.S. labor data clearly shook markets. The non-farm payrolls miss and rising jobless claims point to a cooling labor market. That reinforces expectations of Fed easing. The dollar fell hard—by around 0.7%—while Treasury yields dropped, which fuels bullion demand.
Volatility in stock markets also plays a part. Investors grow cautious when policy direction is murky. They turn to gold and silver for safety. Political tension and central bank instability add to the appeal of metals. Silver gains traction not just as a hedge, but as a trade-linked industrial asset.
Platinum
Platinum rose today, trading around $1,382.33 per ounce, up about 1.1%. That gain aligns with the broader metals rally. Industrial demand and tight supply continue to anchor it, even amid systemic risk shifts.
Palladium
Palladium held steady at about $1,127.01 per ounce. Its stability reflects limited investor flows. Palladium is used mainly in auto catalysts. Trends in motor manufacturing and supply tightness keep it tethered, despite macro moves in other metals.
Why this matters
Gold and silver are breaking higher, powered by near-certain rate-cut expectations and growing U.S. labor market weakness. Weak jobs data helped push yields lower and the dollar down, lifting bullion. Political uncertainty and concerns about Fed credibility further drive safe-haven flows.
Silver’s rise is especially striking for its speed and scale. Being more volatile, it rallies under the same macro forces—Fed easing and FX weakness—with extra force.
Platinum and palladium move more slowly. Their focus is on industrial demand and supply. However, when macro stress shifts, even these metals see follow-through gains.
All four metals act as real-time barometers of geopolitical, policy, and economic stress. Friday’s upcoming U.S. data releases matter even more now. A weak jobs print may extend the climb. A strong one could pause it.
