Overview
- Spot and futures gold set new records up to about $4,888 per ounce, while silver held near its peak after Tuesday’s move above $95.
- Indian prices surged to unprecedented levels, with gold quoted near ₹1.60 lakh per 10g and silver around ₹3.34–3.35 lakh per kg, lifted by a weaker rupee and tight supply.
- Risk-off positioning followed the tariff timeline and a delayed U.S. Supreme Court ruling on trade levies, with equities under pressure as flows rotated into bullion.
- At Davos, Trump criticized Europe and ruled out using force to acquire Greenland, and traders noted silver’s larger percentage swings versus gold as volatility stayed high.
- Analyst targets climbed, with Goldman Sachs projecting $4,900 by year-end and LBMA-surveyed forecasts pointing to potential moves above $5,000.