Overview

• Spot bullion traded just above $4,020–$4,040 on Thursday after setting a record $4,059, with Comex December futures still holding over $4,000.
• Safe-haven flows, heavy central-bank buying, record ETF inflows, a softer dollar and expectations of U.S. rate cuts continue to underpin demand.
• Silver hovered near $49 after touching a record $49.57 this week, extending year-to-date gains that outpace gold’s rally.
• Retail participation has surged, with BullionVault reporting the strongest new account openings since 2020, while record international prices fed through to new highs in India and Pakistan.
• Analysts flagged overbought conditions and the risk of sharp corrections even as major banks lifted targets, with markets pricing two Fed cuts this year and U.S. political and policy news driving volatility.