Overview

• Spot gold marked fresh highs near $4,080 per ounce on October 13, while silver briefly traded above $51 in volatile sessions.
• Investor demand strengthened after President Donald Trump threatened 100% tariffs on Chinese goods and announced new export controls starting November 1.
• Expectations for Federal Reserve rate cuts this quarter, together with a U.S. data blackout from the government shutdown, increased the appeal of non‑yielding metals.
• Bank of America raised its 2026 gold forecast to $5,000 per ounce, as some strategists cautioned that momentum could cool and volatility may stay elevated.
• Physical tightness, especially in silver, intensified price swings, with London one‑month lease rates near 11% and premiums flipping as inventories thinned on shipments to the U.S.