Overview
- Spot gold pushed back above $5,000 per ounce after jumping more than 6% on Tuesday and extending gains by roughly 2%–3% on Wednesday, while silver recovered into the mid-$80s.
- The late‑January surge and subsequent plunge were tied to President Donald Trump’s nomination of Kevin Warsh and a stronger dollar, with CME margin hikes intensifying forced selling, particularly in silver.
- Gold logged its biggest one‑day rise since 2008 as buyers stepped in, supported by a pullback in the dollar and renewed safe‑haven and central‑bank demand.
- Indian prices mirrored the rebound, with MCX gold near Rs 1.53 lakh per 10 grams and silver quoted between roughly Rs 2.80 lakh and Rs 3.20 lakh per kilogram in the latest updates.
- Banks and strategists warn that volatility and liquidity strains persist even as they maintain bullish outlooks, with UBS guiding to about $6,200 by mid‑year and Goldman forecasting $5,400 over 12 months.