Overview

• U.S. hiring slowed and unemployment rose to the highest since 2021, sending bullion up more than 1% to an intraday record of $3,586.82 an ounce.
• Spot gold traded near $3,580 in London after ranging roughly $3,551–$3,586, while spot silver hovered around $40.76 an ounce.
• Silver has led year-to-date gains, rising about 41% versus roughly 35% for gold, supported by strong industrial demand.
• In India, a weaker rupee lifted domestic prices and spurred stockist buying, with 99.5% purity gold around Rs 1,06,100 per 10 grams.
• Safe-haven flows and policy uncertainty underpinned the rally, with some forecasts raised, including a Goldman Sachs projection of $4,000 by mid-2026 and up to $5,000 if Fed credibility erodes.