NEW YORK — The precious metals markets saw a dramatic rally Monday as spot gold climbed to a fresh all-time high above $4,078 per ounce before settling near $4,067, while silver surged to a record $51.70 per ounce, fueled by strong investor demand and tight physical supply.
The rally is underpinned by rising expectations that the U.S. Federal Reserve will begin cutting interest rates later this year, which would reduce the opportunity cost of holding non-yielding assets. At the same time, escalating U.S.–China trade tensions and geopolitical uncertainty have boosted safe-haven demand for bullion.
Analysts caution, however, that silver remains more volatile than gold, lacking structural support from central banks and being heavily influenced by industrial demand cycles. Goldman Sachs has flagged heightened downside risks for silver despite its recent outperformance.
Looking ahead, Bank of America has raised its 2026 targets for the metals—projecting gold could reach as high as $5,000 while silver may test $65. Meanwhile, HSBC revised its 2025 silver forecast upward to $38.56, citing strong demand and supply pressures.
With bullion markets now commanding attention from both retail and institutional investors, the pace of inflows into gold- and silver-backed ETFs will be closely watched as a barometer of continued momentum.
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