Gold
Spot gold surged to a record high this morning, touching about $3,699.37 per ounce before easing slightly to $3,696.34 in early New York trade. Futures for December delivery are trading around $3,733.70. The climb reflects growing confidence that the U.S. Federal Reserve will cut interest rates at its upcoming meeting. A weaker U.S. dollar is making gold cheaper for overseas buyers. Treasury yields have eased, reducing the cost to hold non-yielding metal. Investors are also reacting to political pressure on the Fed, including calls from President Trump for deeper cuts and tensions about leadership, which add to gold’s safe-haven appeal. Commerzbank has raised its gold price forecast, saying it may hit $3,800/oz by year-end and potentially even more in 2026.
Silver
Silver is up modestly today, trading around $42.81 per ounce, its highest since September 2011. The rally in gold is giving silver lift, and investor demand is rising. Industrial demand hopes—from electronics, solar, and manufacturing—help buoy silver. The pressure from a soft dollar and rate-cut expectations also flows through to silver. ETF inflows into silver are strong, especially in markets like India where imports are gaining momentum. Meanwhile scrap supply is low, keeping upward pressure. Silver’s rise also reflects investors seeing it as both a hedge and a growth exposure.
Other news that is affecting these spots
Markets are eyeing the upcoming Federal Reserve meeting with nearly certain betting on a 25 basis-point rate cut. Some hold out hope for a 50 bps move, though that seems less likely. U.S. data on producer and consumer prices shows mixed results—consumer inflation still elevated, producer inflation softening. Weak labor market signals add weight to easing expectations. The U.S. dollar has dropped to multi-week lows, boosting gold and silver demand. Political risk is also a driver: President Trump has publicly pushed for more aggressive rate cuts. Attempts to influence Fed leadership and disputes over Governor Lisa Cook’s removal have shaken confidence in central bank independence. Geopolitical uncertainty remains, and safe-haven flows are strong. Investment demand from central banks and ETFs continues to rise. Analysts warn that gold might face a correction of 5-6% in short term before resuming its climb toward $4,000/oz in 2026.
Platinum
Platinum rose about 0.6% this morning to near $1,407.70 per ounce. Its gains are supported by industrial demand and constrained supply. Auto sector usage and demand for cleaner energy technologies help lift platinum. While it is less driven by rate expectations than gold or silver, when macro uncertainty increases, platinum often benefits from spill-over safe-haven flows.
Palladium
Palladium also gained, trading near $1,203.19 per ounce, up roughly 1.5-2% today. Its price is heavily linked to automotive demand, especially for catalytic converters. Supply remains tight in key producing regions, limiting downside. Palladium does not gain as much from rate cuts or political risk, but it benefits when the metals complex is broadly strong.
Why this matters
Gold and silver are clearly riding a wave of rate-cut hopes, softening yields, and dollar weakness. Silver in particular is showing stronger growth, amplified by industrial demand and low supply. Gold is holding firm on safe-haven demand and political risk. Platinum and palladium lag gold/silver in sensitivity to interest-rate policy, but industrial demand and supply gaps support them. Upcoming Fed signals, U.S. inflation and labor data will likely shape near-term moves in all these metals.
