Silver
Silver rose sharply this morning, trading near $42.25 per ounce, up about 1.7% on the day. That marks a fourteen-year high, matching the strongest since 2011. Silver’s strength reflects rising investor demand tied to hopes for U.S. rate cuts and growing concern over labor market weakness. Because silver has industrial uses, its rally also signals expectations of renewed demand from sectors like electronics, solar, and machinery. Traders noted that as the dollar weakens, industrial metals like silver gain extra lift. Resistance has formed around $42.50, with eyes on whether the next U.S. inflation or employment report pushes it higher.
Gold
Gold remains close to record highs, with spot at approximately $3,646.54 per ounce this morning, up around 0.4%. It earlier hit a peak of about $3,673.95 earlier this week. The main push comes from weaker U.S. labor data, rising jobless claims, and lingering inflation pressures, all reinforcing market belief the Fed must cut rates. Weakness in producer prices mixed with elevated consumer inflation adds tension: sticky inflation raises risk, but soft labor makes rate cuts probable. UBS raised its forecast to $3,800 by end-2025, seeing strong central bank buying, a weak dollar, and geopolitical risk as tailwinds. Gold’s climb also reflects safe-haven demand amid concern over Federal Reserve independence, especially following political clashes over composition of leadership. Gold is on track for a fourth straight weekly gain.
Other news that is affecting these spots
Investors are watching U.S. jobless claims, which jumped to multi-year highs, along with weak payroll revisions. Together they suggest cooling in labor markets. Inflation data showed consumer prices rose more than expected in August, but producer price index fell, which softens input cost pressures. These mixed signals push rate-cut bets higher. The U.S. dollar has weakened noticeably, amplifying gold and silver’s appeal to foreign buyers. Geopolitical tensions still loom: overseas conflict, trade policy uncertainty, and political fights at home all feed into safe-haven demand. Equity markets are mixed: some strength in growth sectors but caution elsewhere. Stocks are not breaking out broadly, which keeps gold and silver in focus as more defensive plays. UBS’s revised outlook and central bank demand also add longer-term support to these metals.
Platinum
Platinum rose about 1.4% today, trading near $1,397.61 per ounce. Industrial demand from autos, clean energy, and supply constraints remain central to its price. Platinum benefits somewhat from metals broad strength but does not move as sharply with rate or inflation shifts.
Palladium
Palladium gained about 2.2%, trading close to $1,214.70 per ounce this morning. Its demand is tightly tied to auto catalysts and industrial usage. Supply scarcity and global automotive production trends give it support. Though less viewed as a safe-haven, palladium currently rides the broader metals rally.
Why this matters
Silver’s rise ahead of gold shows how high beta metals amplify trends. When rate-cut expectations firm and the dollar falls, silver often moves more aggressively. Gold’s steady climb reflects safe-haven demand and fear that inflation will remain sticky despite economic softening. Together, these metals are acting as barometers of Fed policy credibility and global uncertainty. Platinum and palladium follow but are more driven by industrial trends. The coming U.S. labor and inflation reports will likely dictate whether momentum holds or there’s a pullback. Estimates pointing to multiple Fed cuts this year add weight, yet sticky inflation or strong jobs reports could complicate the pass.
