Overview
- Gold traded near $4,473 per ounce early Friday, just below the $4,549 record, while silver hovered around $77 after a late‑December spike above $80.
- Traders point to imminent commodity index rebalancing, including the Bloomberg Commodity Index, that could force sizable selling in gold and silver futures.
- Silver’s swings are being magnified by unusually low inventories in London after large transfers to U.S. vaults, keeping local borrowing costs elevated.
- China began requiring official permits for silver exports on January 1, a change analysts warn could fragment liquidity and intensify price volatility.
- Despite near‑term turbulence, analysts see gold supported in 2026 by central‑bank buying, ongoing ETF participation and expectations for lower interest rates, with moderate gains viewed as most likely.