Overview

• Gold trades near $3,400 per ounce after retracing from April peaks while silver has surged past $35, its highest level since 2012.
• Central banks boosted global reserves by 12 tonnes of gold in April, maintaining a supportive backdrop even as monthly buying slowed.
• US–China tariff disputes and renewed Russia–Ukraine tensions have driven investors into non-yielding assets amid rising economic uncertainty.
• Robust industrial demand from electric vehicle and solar sectors has contributed to silver’s 24% year-to-date rally and a drop in the gold-silver ratio from 107 to 95.
• Analysts from Quant Mutual Fund and UBS forecast up to a 12–15% pullback in the next two months but remain constructive on the long-term outlook.