Overview
- Spot gold rose to about $4,633 per ounce after setting an intraday high near $4,639, while silver jumped to roughly $90.6 after surpassing $90 for the first time.
- Investors now anticipate two 25-basis-point Fed cuts this year, with the first expected in June, following a core CPI reading of 0.2% month over month and 2.6% year over year.
- Silver’s rally lifted its implied market value to roughly $4.99 trillion, exceeding Nvidia’s about $4.53 trillion and cementing gold and silver as the world’s two largest assets by size.
- Analysts flagged scope for further gains, with UBS saying gold could reach $5,000 in the coming months if political or financial risks intensify and ANZ expecting prices above $5,000 in the first half of 2026.
- Political tensions and concerns over Fed independence—highlighted by DOJ subpoenas to the Federal Reserve and President Donald Trump’s public pressure on Chair Jerome Powell—reinforced safe-haven demand as copper and tin also notched records.