Overview

• Spot gold jumped to about $4,121 per ounce on Monday with futures above $4,128, while silver crossed $52 to extend a multi‑week advance.
• President Trump’s threat of 100% tariffs on Chinese imports, despite a later softer tone, stoked safe‑haven demand as trade tensions resurfaced.
• Markets priced a near‑certain October Fed cut, the dollar eased, and gold’s global valuation swelled by roughly $1 trillion to about $27.7 trillion in a single session.
• Investment flows intensified as gold ETF buying in September rose 880% year over year to a record $14 billion and surveys showed most central banks plan to increase reserves.
• Physical strain in silver deepened, with scarce London bars driving leasing rates up more than 35% and record premiums, while Bank of America raised targets toward $5,000 for gold and $65 for silver in 2026 and warned of near‑term volatility and possible consolidation.