Gold, silver rates today: Gold prices in the international market continued their bull run on Thursday, reaching a new record high of $5,591.16 an ounce as investors flocked to safe-haven assets amid geopolitical and economic uncertainty.
Spot was trading 2.1% higher at $5,511.79 an ounce, after touching a fresh all-time high of $5,591.61 earlier in the session.
The metal crossed the $5,000 threshold for the first time on Monday and has climbed more than 10% so far this week, buoyed by a mix of strong safe-haven demand, robust central bank purchases and a softer US dollar.
Meanwhile, Spot climbed 1.3% to $118.061 per ounce, after touching a record high of $119.34 earlier in the session.
What’s behind the rally?
On Wednesday, the US Federal Reserve kept interest rates unchanged in line with expectations. Fed Chair Jerome Powell noted that inflation in December likely remained well above the central bank’s 2% target.
On the geopolitical front, U.S. President Donald Trump on Wednesday called on Iran to engage in talks and reach an agreement on nuclear weapons, cautioning that any future U.S. military action would be significantly harsher. In response, Tehran warned of retaliatory strikes against the U.S., Israel, and their allies.
According to a Reuters report, also found support on Thursday after crypto firm Tether announced plans to invest 10%–15% of its portfolio in physical gold.
Meanwhile, the silver price rally was driven by investor demand for more affordable alternatives to gold, supply constraints, and momentum buying. The white metal has climbed over 60% so far this year.
Where’s gold and silver prices headed?
Analysts at Standard Chartered was quoted as saying in a note by Reuters, that the market is forecast to deliver yet another deficit this year, but the real market tightness stems from the reduced availability of above ground stocks.
Meanwhile, Aamir Makda, Commodity & Currency Analyst of Choice Broking, believes that the momentum in both the metals is undeniably strong but here is a technical warning sign.
” The RSI (Relative Strength Index) is currently in overbought territory across all timeframes. More importantly, a Daily RSI divergence has appeared—a classic “red flag” suggesting that long positions should proceed with caution despite the bullishness. We are expecting Moderately Bullish trend in upcoming session in Gold and Silver,” Makda said.
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