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Gold has touched a record high, nearing the $4,500 per ounce mark, while silver climbed to an all-time peak, driven by a combination of a weaker US dollar, heightened geopolitical tensions, and anticipation of a dovish Federal Reserve. These factors have significantly boosted demand for safe-haven assets.
The weakening dollar, which has slumped nearly 10% in 2025, is a key driver, alongside expectations of looser US monetary policy. Geopolitical instabilities, including tensions in the Middle East, uncertainty surrounding a Russia-Ukraine peace deal, and recent US actions against Venezuelan tankers, are bolstering safe-haven demand.
Analysts, including Goldman Sachs, foresee gold potentially reaching $4,900 by this time next year. Silvers surge, exceeding 140% this year, has outpaced golds 70% gain. This remarkable performance is attributed to robust investment demand, its inclusion on the US critical minerals list, and strong momentum buying.
