Overview
- Spot gold set fresh intraday highs above $4,600 per ounce and silver vaulted past $84, with both on track for record closes, according to LSEG and exchange data.
- Weak U.S. jobs figures kept rate‑cut bets intact while Powell’s disclosure of Justice Department subpoenas intensified worries over Federal Reserve independence, boosting demand for hard assets.
- Tensions tied to deadly protests in Iran and recent U.S. action in Venezuela reinforced safe‑haven flows into precious metals, analysts said.
- Record international prices spilled into local markets, with new highs reported on India’s MCX and in retail quotes, Pakistan’s per‑tola rates, and Dubai’s per‑gram benchmarks.
- Structural support remains strong from central‑bank buying and ETF inflows, and some banks project further gains toward $4,800–$5,000, though analysts caution that volatility risk is elevated.