• Gold crossed the USD 5K mark as geopolitical risks, trade tensions, and rate-cut expectations drove investors toward safe-haven assets globally.
• Silver and platinum followed with sharp gains, supported by tight supply, strong investor inflows, and rising industrial demand across key sectors.
• Deutsche Bank and other banks see gold reaching USD 6,000 in 2026 as rate cuts, central bank buying, and safe-haven demand persist.

Gold

Gold prices surged to fresh all-time highs this week, extending a powerful rally driven by global uncertainty and shifting monetary expectations. Spot gold climbed above USD 5,180 per ounce, after breaching the USD 5,000 level for the first time earlier this week.

The move reflects heightened investor demand for safety amid rising geopolitical tensions and renewed trade risks. Concerns intensified after new tariff threats from the United States, alongside fears of a potential government shutdown before the January funding deadline.

Gold has already gained more than 18% since the start of the year. The rally builds on last year’s strong performance, which was supported by aggressive central bank buying and persistent demand from investors.

Lower interest rate expectations remain a key driver. It is widely expected that the US Federal Reserve will begin easing policy later this year. Moreover, lower rates reduce the opportunity cost of holding gold, making it more attractive to investors.

Central banks continue to play a major role. Many have increased gold reserves as part of a broader diversification strategy away from the US dollar. This trend has provided structural support for prices.

Several global banks have raised their outlook. Deutsche Bank and Societe Generale now forecast gold prices could reach USD 6,000 per ounce by year-end, citing policy uncertainty and sustained demand.

Silver & Platinum

Silver outperformed gold during the session, posting even sharper gains. Spot silver jumped nearly 8%, trading above USD 111 per ounce after touching record highs earlier this week.

The metal has already surged more than 57% this year, following a strong rally last year. Tight supply conditions and growing investor interest have fueled the move.

Silver is also benefiting from structural demand. Its role in renewable energy, electronics, and industrial manufacturing continues to expand, reinforcing longer-term demand expectations.

Despite the rally, volatility remains a risk. Analysts warn that sharp pullbacks are possible, even as strong fundamentals and ETF inflows support higher price levels.

Platinum prices pulled back after hitting record levels in the previous session. Spot prices fell more than 5%, though the metal remains sharply higher year-to-date.

Supply constraints continue to shape the platinum market. Production challenges in South Africa, a key supplier, have tightened global availability.