Overview

• Spot gold set a new high above $4,060 after an eighth straight weekly gain, while silver hovered around $50–$51, its strongest level since 1980.
• Acute tightness in London drove a short squeeze in silver, with lease rates near 11%, premiums of up to $2.50 over New York futures, and even air shipments of bars to capture price gaps.
• Investors cite tariff threats and trade uncertainty after President Trump floated 100% levies on Chinese goods and Beijing warned of retaliation, alongside expectations of further Fed easing and ETF and central-bank buying.
• Market focus turns to US inflation readings and remarks from Fed Chair Jerome Powell this week, with the ongoing government shutdown already delaying some data releases.
• Local markets reflect the surge, with record prices in India and Pakistan, strong festival-season interest across Asia, and heavy retail and ETF inflows reported in Singapore and global silver funds.