Silver prices marched past the $34-an-ounce mark on Monday as market sentiment soured over the weekend in the wake of renewed US-China trade tensions.
Spot silver traded as high as $34.31 per ounce during the session, for a gain of more than 4%. Comex silver futures also rose 4.5% to $34.51 an ounce.
Source – Mining.com
Gold rose more than 2% on Monday to its highest in over three weeks, as a weakening dollar and a combination of geopolitical risks and economic uncertainty fuelled investor demand for safe-haven assets.
Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m ET (1419 GMT), after hitting its highest level since May 8 earlier in the session.
“The latest tariff threats on Friday, including plans to double steel and aluminium tariffs to 50% along with Ukraine’s weekend attacks deep into Russia, have heightened geopolitical risks and are fuelling risk-off sentiment,” said Peter Grant, vice president and senior metals strategist at Zanier Metals.
“For the gold forecast, this backdrop of risk aversion and fiscal uncertainty couldn’t be more favourable.”
Spot silver rose 4.1% to $34.31 an ounce, platinum was up 0.3% at $1,059.55 and palladium rose 1.2% to $982.40.
Source – Reuters
Bank of America is eyeballing $4,000 gold and $40 silver by the end of the year or early 2026.
Source – Money Metals
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.
Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.
But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.
Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.
Source – Reuters
Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.
U.S. gold futures rose 0.3% to $3,310.60.
“The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.
Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.
Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.
Source – Reuters
Gov. Ron DeSantis signed a bill on Tuesday that would recognize gold and silver as legal tender in the state, paving a path for Floridians to use the commodities in payment transactions.
The bill, HB 999, starts the process of allowing government or private entities, such as businesses, to voluntarily accept gold and silver as a form of debt payment. The bill also outlines sales tax exemptions on the purchase of the precious metals if they meet the purity requirements or if the sale of the gold or silver exceeds $500.
HB 999 is set to go into effect on July 1, 2026, if the Florida Legislature ratifies the rules to implement the bill before then.
“Florida stands firmly for freedom, economic self-determination, and resistance to government overreach,” the governor said. “But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market.”
Source – Business Insider
Industrial silver demand set a record last year, but despite the increase in offtake, overall silver offtake declined by 3 percent to 1.16 billion ounces, primarily due to weak investment demand.
Silver jewelry demand grew by 3 percent to 208.7 million ounces in 2024.
The Silver Institute reported that improving exports to key Western countries also lifted silver jewelry demand.
Growth in demand for silver jewelry will likely contribute to increasing overall demand, putting further pressure on already limited silver supplies.
Source – Money Metals
Renowned economist and gold advocate Peter Schiff has issued a bold new call: silver is about to break out – and fast. In a tweet posted earlier today, Schiff highlighted that silver has outperformed gold for two consecutive days, closing at $33.40 and touching an intraday high of $33.50.
“Silver is the most underpriced hard asset on the planet. While gold protects wealth, silver could build it during the next financial reset.”
Source – The Jerusalem Post
Peter Schiff – is an American stockbroker, financial commentator, and radio personality. He is the author of How an Economy Works and Why It Crashes.
Spot gold gained 0.8% to $3,340.53 an ounce as of 0300 GMT, after hitting its highest level since May 9.
U.S. gold futures rose 0.9% to $3,341.90.
“Gold’s bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy,” said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.
Spot silver rose 0.5% to $33.54 an ounce, platinum gained 0.1% to $1,077.33 and palladium lost 0.6% to $1,031.46.
Source – Reuters
Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.
Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.
Source – FX Street