Overview
- Spot gold climbed to an intraday peak near $5,311 on Wednesday and is up more than 20% this year, while silver hovered near recent multi‑decade highs after touching about $117 earlier in the week.
- Analysts lifted price targets, with Deutsche Bank and Société Générale projecting $6,000 in 2026, Goldman Sachs raising its 2026 view to $5,400, and Morgan Stanley pointing to a potential move toward $5,700.
- A broad shift away from U.S. assets and a weaker dollar are supporting the rally, as market commentary also highlights policy volatility under President Donald Trump, tariff threats to Canada and South Korea, and currency moves tied to efforts to support the yen.
- Strong allocations to metal‑backed funds and continued central‑bank buying underpin demand, including a record roughly $51 billion added by North American gold‑backed funds in 2025, according to World Gold Council data.
- Local stresses are surfacing, with Egypt seeing retail‑driven jumps in gram prices to unprecedented levels and Iran’s rial sliding to about 1.5 million per U.S. dollar, developments that reinforce safe‑haven flows.