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Gold and silver surged to new record highs as investors sought safety amid sharp increases in global uncertainty. February gold rose about $125 to roughly $4,627 an ounce, while March silver climbed more than $6.60 to about $86.03. The rally was supported by a weaker U.S. dollar, steady oil prices near $59 a barrel, and a 10-year Treasury yield around 4.18 percent. Strong risk-off sentiment dominated early-week trading, pushing heavy demand into precious metals and reinforcing bullish technical momentum in both markets.
Market anxiety intensified after the U.S. Justice Department served subpoenas on the Federal Reserve related to Chair Jerome Powell’s past testimony on the central bank’s $2.5 billion building renovation project, escalating political tensions between the White House and the Fed and raising concerns over central bank independence. At the same time, large-scale unrest in Iran continued, with protests triggered by a currency collapse expanding into the deadliest challenge to the government in decades, leaving more than 540 people dead and over 10,000 arrested, according to human rights groups. Iranian officials blamed the U.S. and Israel for fuelling the unrest, while President Trump said Washington was considering strong options but also noted outreach from Tehran for talks, adding to geopolitical uncertainty that further boosted safe-haven buying in precious metals. Source
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Gold and silver climbed to new records early in 2026 as investors reacted to rising concerns about political stability and the credibility of key financial institutions. Spot gold briefly reached about $4,630 an ounce, and silver touched roughly $86.24 before easing back slightly. Strength in silver was especially notable, with spot prices trading almost in line with near-term futures contracts, a pattern that points to strong immediate demand for physical metal and possible tightness in available supply. The price behaviour has revived long-standing arguments that heavy use of paper contracts may have restrained silver prices in the past relative to underlying physical demand.
The rally has been driven largely by turmoil surrounding Federal Reserve Chair Jerome Powell, who is reportedly under criminal investigation by the U.S. Justice Department, an action he has described as politically motivated after resisting pressure to cut interest rates. The episode has shaken confidence in the independence of U.S. monetary policy and contributed to a sharp fall in the dollar index to around 98.82. At the same time, unrest in Iran has intensified, with hundreds reported killed and thousands arrested, raising fears of broader regional conflict after warnings from Tehran and comments from President Trump about possible military options. With key U.S. inflation data and a Supreme Court ruling on tariffs also imminent, investors are bracing for continued volatility and further demand for safe-haven assets. Source
Canada’s main stock index climbed to a fresh record, with the S&P/TSX Composite ending up 0.8% at 32,874.70, driven largely by a surge in gold and silver prices as investors sought safe havens amid uncertainty over the independence of the U.S. Federal Reserve following a criminal probe involving its chair. The rally lifted mining shares, pushing the materials sector up 2.4%, led by a 12% jump in Aya Gold & Silver. Market participants highlighted Canada’s heavy exposure to materials and energy, sectors closely tied to global growth and geopolitical developments, as a key support for the index.
Broader economic uncertainty at home also shaped sentiment, with analysts pointing to planned cuts in immigration that could slow potential GDP growth and to the upcoming review of the United States-Mexico-Canada Agreement, which has protected many Canadian exports from U.S. tariffs. Prime Minister Mark Carney has pledged to reduce reliance on the U.S. market and is preparing to visit China this week. Outside mining, oil prices rose 0.6% to $59.90 a barrel on concerns about possible supply disruptions from Iran despite expectations of higher Venezuelan output, helping lift the energy sector by 0.5%, while technology stocks gained 1.7%. Source
Gold prices pushed above $4,500 an ounce after weaker-than-expected U.S. employment data strengthened expectations that the Federal Reserve will begin cutting interest rates in early 2026. December job growth came in at 50,000, below forecasts, while unemployment fell to 4.4% and wages rose 0.3%, pointing to a slowing but still resilient labor market. Analysts said this combination supports the outlook for eventual policy easing and reduces pressure from real yields, even if rate cuts are not imminent. A softer dollar and expectations that the Fed will avoid further tightening added to the momentum, reinforcing gold’s broader uptrend, despite some caution that gains could be limited in the near term without an urgent shift in policy.
Market participants see inflation data as the main short-term risk, with the upcoming U.S. consumer price index potentially delaying the timing of rate cuts if price growth remains stubborn. Some analysts warned that sticky inflation could trigger a modest pullback, though most expect a weakening economy and labor market to outweigh that risk. Forecasts for near-term trading range cluster around $4,550 to $4,600, while longer-term sentiment remains strongly bullish, supported by technical momentum, central bank buying, geopolitical tensions, and gold’s weak correlation with interest rates. Many expect a sustained move above $4,500 to attract further buying and open the path to new record highs. Source
Gold rose steadily during the first full trading week of 2026, reclaiming and holding above $4,500 per ounce after breaking through successive resistance levels earlier in the week. Prices advanced from around $4,370 to near $4,510, supported by resilient technical momentum, stable U.S. employment data that reinforced expectations of eventual Federal Reserve rate cuts, and persistent buying on pullbacks. Analysts noted that support near $4,400 remained firm throughout the week, while the move above $4,470 established a higher trading range ahead of the push through $4,500, leaving gold close to last month’s record highs.
Sentiment surveys showed strong confidence in further gains, with about 88% of Wall Street analysts and roughly 69% of retail investors expecting prices to rise in the near term. Market participants cited central bank purchases, seasonal demand, safe-haven flows, and escalating geopolitical tensions involving major powers and multiple conflict zones as key drivers, alongside concerns about the stability of the global financial order and long-term confidence in the U.S. dollar. While a minority of analysts warned of short-term profit-taking and potential pullbacks toward the mid-$4,300s, most expect the broader uptrend to continue, with inflation data and manufacturing surveys the next major catalysts for volatility. Source
The author reflects on a long career in commodities analysis and outlines expectations for higher prices and greater volatility in precious metals in early 2026, arguing that technical analysis is essential for navigating increasing market noise. Gold’s latest rally, which began in late August 2025, was driven by tariff concerns, a weak dollar, expectations of easier monetary policy, and central bank buying. After breaking out in early September and briefly pulling back to a key Fibonacci retracement level, prices resumed their climb and are now consolidating between about $4,430 and $4,530 per ounce, with a move above $4,550 potentially opening the way toward $5,000.
Silver has followed a similar technical path, surging in 2025 after breaking major resistance near $40 and $50, forming a double top and then a bull flag that resolved higher to a peak near $82.67. The metal is currently trading within a defined range between roughly $69 and $83, and the author argues that a decisive breakout above this zone could target $100 per ounce. The article emphasizes that while technical analysis involves subjective interpretation, combining chart patterns across time frames with a disciplined trading plan can help both traders and long-term investors better manage risk and identify opportunities in volatile metals markets. Source
Gold and silver began 2026 with strong momentum despite elevated volatility, with gold rising to around $4,500 an ounce, up nearly 4% on the week, and silver approaching $80 with gains close to 10%. Silver’s performance stood out after rebounding quickly from a sharp drop triggered by higher margin requirements from CME Group, showing resilience even as short-term risks increased. Both metals are also being affected by annual commodity index rebalancing, as their sharp rallies last year boosted their weightings in major benchmarks, forcing an estimated $5 billion in combined selling to restore balance. Analysts expect this process to conclude next week and believe that underlying demand will continue to absorb any weakness, keeping the broader bullish trend intact.
Silver’s outlook is further supported by tight physical supply, as industrial and investment demand compete for limited available metal and new mine production cannot be brought online quickly. Even potential shifts in U.S. stockpiles to other markets would not resolve the structural shortage, leading to growing expectations that prices could eventually reach or exceed $100 an ounce. Gold, meanwhile, continues to benefit from its role as a geopolitical safe haven amid rising global tensions and concerns about countries diversifying away from the U.S. dollar, with many analysts targeting $5,000 this year. Expectations that U.S. interest rates will eventually fall as the labor market cools add to the supportive backdrop, pointing to a volatile but favourable environment for precious metals. Source
Gold and silver recorded strong weekly gains, with gold marking its fifth positive week in seven and silver its sixth, as both benefited from geopolitical risk and shifting expectations for US monetary policy. The rally began with a sharp move on Monday, when gold jumped $116, or 2.71%, and silver climbed $3.81, or 5.24%, driven largely by safe-haven demand linked to rising tensions between the United States and Venezuela. Ongoing uncertainty about the country’s political future helped keep prices elevated through the week, with both metals holding above their early gains. By the end of the period, gold had advanced a total of $177, a weekly increase of 4.09%.
Mid-week, stronger-than-expected manufacturing data briefly triggered profit-taking and reduced hopes for imminent Federal Reserve rate cuts, but this shift proved short-lived. A weaker US jobs report on Friday revived expectations that the central bank could resume easing, with upcoming inflation data expected to further shape sentiment. Silver tracked gold’s overall direction but showed greater volatility and heavier selling during the mid-week pullback, reflecting its smaller market size, while still being viewed as having further upside potential. The gold-to-silver ratio fell to 56.43, its lowest level since 2013, indicating that silver has been closing the performance gap, with historical support levels near 50 and 46 and the 2011 low of 31 remaining distant benchmarks. Source
Gold surged to a record above $4,600 after Federal Reserve Chair Jerome Powell revealed that the Department of Justice had issued subpoenas to the central bank and threatened criminal charges related to his past testimony about the Fed’s $2.5 billion building renovation project. President Donald Trump has criticized the renovation costs, and Powell said the legal threat was a pretext intended to weaken the central bank’s independence in setting interest rates. The situation added to broader pressure from the administration, including efforts to remove Governor Lisa Cook from the policy committee and to reshape the Fed with officials more supportive of aggressive rate cuts.
The news sparked heavy safe-haven buying during Asian trading, pushing gold to new highs before prices eased slightly but remained up about 2% on the day near $4,602 an ounce. Analysts said uncertainty over the future of US monetary policy and the perception of political interference could continue to support higher prices, with some estimating the issue alone could add another $500 to gold over time. Expectations of a weaker US dollar, rising public debt, and growing interest in hedging against currency debasement were also cited as reinforcing demand for the metal. Source
The strong end-of-year rally in gold, silver, and platinum group metals pushed prices to record highs in 2025, yet analysts at Heraeus warn that downside risks have increased despite ongoing supportive factors. Platinum and silver, historically undervalued relative to gold, saw their price gaps narrow dramatically, with platinum projected to remain in deficit through 2026. ETF holdings for the precious metals rose over the year, but not at levels proportional to the price gains, and speculative futures positioning, while increased, remains far from record highs. Technical indicators, particularly platinum’s RSI and deviation above the 200-day moving average, signal that prices may be overextended, suggesting potential corrections of 10 to 20 percent or more.
Geopolitical events in early 2026, including US actions in Venezuela and interest in Greenland’s mineral resources, have continued to drive gold to new highs above $4,600 per ounce. Silver initially saw profit-taking pressure and outflows from ETFs, alongside increased CME margin requirements, which historically can trigger short-term price pullbacks. Chinese export restrictions on silver may also constrain supply, supporting higher prices despite the headwinds. As a result, both gold and silver are experiencing volatility, with gold consolidating gains and silver trading above $85 per ounce, reflecting a mix of strong demand, technical overextension, and ongoing geopolitical uncertainty. Source
Gold and silver are trading near record highs and may have further room to rise as geopolitical instability and economic uncertainty continue to drive safe-haven demand. Analyst Nick Cawley at Solomon Global projects gold could reach $5,000 an ounce and silver $100 an ounce in the first half of 2026. Recent bullish momentum has been fueled by unrest in Iran, where government crackdowns on protests over rising living costs have escalated tensions, and by uncertainty surrounding the Federal Reserve’s independence after DOJ subpoenas and threats of criminal charges against Chair Jerome Powell. Investors moving away from the US dollar have further supported demand for precious metals as protective assets.
Cawley notes that both metals remain in strong technical uptrends with momentum largely intact, and supply constraints combined with accommodative monetary policy enhance the bullish outlook. He anticipates some resistance for gold near $4,750 an ounce but expects the rally to continue toward $5,000, while silver’s recent highs suggest little is blocking a move toward $100, though volatility is likely to intensify with potential daily swings above 10 percent. Corrections are viewed as buying opportunities for longer-term investors, as ongoing geopolitical and economic pressures maintain a supportive environment for precious metals. Source
Gold has climbed above $4,600 per ounce, benefiting from ongoing geopolitical tensions and market uncertainty, though technical analysts at the World Gold Council (WGC) note that it is not yet extremely overbought until it surpasses $4,770. The metal has maintained its uptrend despite early-year headwinds such as tax-loss selling, portfolio rebalancing, and volatility in other precious metals. Additional support came from the Trump administration’s indictment threats against the Federal Reserve, which reinforced safe-haven demand. Key upcoming economic data, including U.S. CPI, UK GDP, Germany’s full-year GDP, and China’s December gold exports, are expected to influence price movements, with WGC analysts highlighting that strategic gold allocations continue to benefit investors amid global uncertainty.
From a technical perspective, gold remains in a strong uptrend, holding support at the 13-day exponential moving average near $4,447, with short-term resistance seen at $4,600 and an upper overbought threshold around $4,585. Analysts indicate that the more significant resistance lies near $4,770, based on prior chart patterns, and any pullbacks to $4,447 or below would likely ease immediate upside momentum while still maintaining higher-level support near $4,275 to $4,345. Despite minor signs of exhaustion and diverging momentum, gold continues to trade near its daily highs, with spot prices last recorded at $4,620 per ounce, reflecting sustained investor confidence in the metal as a hedge against geopolitical and economic shocks. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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