Overview

• Spot prices climbed past the $3,800 mark, trading near $3,848 in European hours after six consecutive weekly gains and a year‑to‑date rise of roughly 40–45%.
• A softer greenback, heightened expectations for Federal Reserve rate cuts, and the risk of a U.S. government shutdown are driving fresh demand for bullion.
• Strong inflows into gold-backed ETFs and persistent central-bank buying, with analysts citing China’s role, continue to support the rally.
• Silver jumped up to 2.4% to $46.78, its highest level since 2011, while platinum topped $1,600 for the first time in over a decade and palladium advanced on tight supply and higher lease rates.
• Major banks including Deutsche Bank and Goldman Sachs project the possibility of $4,000 per ounce or higher over the next 12–24 months, though some analysts caution about stretched positioning.