Gold
Gold hit a record high this morning. Spot gold is trading around $3,753.25 per ounce, having earlier reached a high of $3,759.02. U.S. December gold futures gained about 0.3%. The rally reflects strong expectations that the U.S. Federal Reserve will cut interest rates. A weaker U.S. dollar made gold more appealing to international buyers. Investors are also watching for Powell’s speech and Friday’s Personal Consumption Expenditures data, the Fed’s preferred measure of inflation. Deutsche Bank recently raised its 2026 gold forecast to $4,000/oz, citing central bank demand and possible U.S. dollar weakness.
Silver
Silver remains near a 14-year high this morning, at about $43.82 per ounce. It is up roughly 1.3%. Silver gains follow gold’s move, but industrial demand also plays a role. The electronics, solar, and clean tech industries are increasing consumption. Tight supply and market tightness add pressure. Some volatility is visible, yet silver continues to attract safe-haven flows. Because silver is more volatile, it tends to overshoot when rate-cut hopes rise and the dollar falls.
Other news that is affecting these spots
Stock markets are mixed. U.S. indexes rose modestly, driven by strength in tech and AI investment, yet some sectors paused. Treasury yields remained subdued, reinforcing expectations for a rate cut. The Fed’s stance is being closely parsed. Although it cut rates recently, investors want signals about further easing. Some Fed officials argue for aggressive cuts to avoid labor market risks. The U.S. dollar index declined, helping metals. Persistent inflation pressures still worry markets, even as input costs show signs of easing. Political risk adds a layer: concerns about Fed independence are in focus. Geopolitical uncertainty persists, bolstering demand for safe havens. Central banks are buying gold, increasing official demand. Analysts expect gold and silver to potentially reach new highs, depending on inflation and signals from the Fed.
Platinum
Platinum is trading down slightly this morning, near $1,412.64 per ounce, slightly off its recent peaks. Industrial and automotive demand remain its key supports. Tight supply and clean-energy sector needs are driving its price up. While it does not benefit as much from safe-haven demand or rate cuts, platinum capitalizes on the upside when metals broadly rally.
Palladium
Palladium edged up today to about $1,182.24 per ounce, gaining roughly 0.3%. Its price is driven almost entirely by industrial use, especially catalytic converters. Supply constraints persist, limiting downside. Although palladium is less closely tied to Fed policy than gold and silver, it benefits when investment demand and safe-haven flows strengthen.
Final Word
Expectations for U.S. rate cuts, a weak dollar, and political and economic uncertainty are clearly driving gold and silver. Silver’s rise is relatively more substantial, due to industrial demand and market tightness. Platinum and palladium lag but are supported by demand and scarcity. Key upcoming data points — including inflation and Fed speeches — will likely determine whether gold and silver maintain their momentum or face pullbacks.
