Overview

• Spot gold set a fresh record above $4,060 an ounce on Oct. 13 as silver hovered near $51, extending gold’s eight-week winning streak and leaving year-to-date gains near 50% for gold and about 70% for silver.
• Safe-haven demand intensified after President Donald Trump threatened 100% tariffs on Chinese goods and new export controls, while China warned of retaliation and risk assets slid.
• A squeeze in London’s silver market deepened, with one‑month lease rates near 11% and premiums over New York benchmarks prompting costly transatlantic shipments of bars.
• Persistent central‑bank purchases and renewed inflows into gold ETFs underpinned the move, with retail interest rising in hubs such as Singapore.
• India’s MCX futures hit record highs as festive buying intersected with global drivers, and markets now look to US CPI data and remarks from Federal Reserve officials for direction.