Overview

• Spot gold touched $4,078 per ounce on Monday and December futures neared $4,093, marking the seventh record in 11 sessions.
• Silver set a fresh high around $51.4–$51.7 per ounce and is up roughly 70% for the year, outpacing gold’s gain of about 55%.
• Traders cited renewed US–China tariff threats, a weaker dollar, central-bank demand and expectations of Federal Reserve rate cuts as key drivers.
• Analysts warned that momentum looks stretched, with RSI signals pointing to overbought levels and Goldman Sachs flagging greater short‑term downside risk for silver.
• Market structure amplified the swings as silver’s smaller, industrially sensitive market and tight London inventories increased volatility.