Overview
- Prices touched roughly $5,100 per ounce in early London trade after an overnight jump in Asia, up about 18% this year following a 65% gain in 2025.
- Investor caution has intensified with political flashpoints tied to President Donald Trump, including Iran tensions and tariff threats linked to the Greenland dispute.
- Demand is reinforced by sustained central‑bank buying—China extended purchases into a 14th month—alongside heavy inflows into gold ETFs.
- Expectations for further U.S. monetary easing are lifting the non‑yielding metal, with added unease over Fed independence after Trump’s repeated attacks on Chair Jerome Powell.
- Silver also broke above $100 last week on strong demand from AI, robotics and energy uses, while physical interest remains elevated with Austria’s mint reporting sales of up to 3,000 ounces a day.