Overview
- Spot silver hit an all-time high near $89.16 an ounce and gold traded close to $4,616 after weaker-than-expected U.S. inflation readings.
- Citigroup raised near-term targets to $5,000 for gold and $100 for silver, according to market reports.
- Pakistan’s All-Pakistan Gems and Jewellers Sarafa Association reported record local prices at Rs481,862 per tola for gold and Rs413,118 for 10-gram, with silver at Rs9,075 per tola.
- Analysts cited geopolitical and political uncertainty, including a criminal probe involving the Federal Reserve chair, as fueling haven flows into precious metals.
- Silver’s outsized gains follow last year’s surge of nearly 150% tied to an October short squeeze and persistent supply tightness in London.