Spot pricing for Gold $AU6896

Spot pricing for Silver $AU132.25

Spot pricing for Platinum $AU3545

Gold and silver have kicked off the year in emphatic fashion, smashing through fresh all-time highs as investor appetite for hard assets continues to accelerate. What makes this rally particularly notable is that it’s unfolding alongside resilient equity markets, highlighting a rare period where risk assets and safe havens are both attracting capital.

Gold has surged to new record levels, underpinned by sustained central bank buying, geopolitical tension, and growing confidence that interest rates in the United States are near their peak. Silver has gone a step further, delivering outsized gains and confirming its reputation as the higher-beta cousin to gold. With industrial demand remaining strong and investment flows accelerating, silver’s breakout has added fuel to broader precious metals enthusiasm.

Geopolitical developments have also played their part. Renewed tensions involving Venezuela and the United States have reintroduced a layer of global uncertainty, particularly around energy supply and regional stability. Traditionally, this type of news would weigh heavily on equity markets. Instead, sharemarkets have largely shrugged it off, continuing to rally as investors balance geopolitical risk against expectations of easier monetary conditions later this year. That divergence has been supportive for precious metals, which thrive when uncertainty rises but systemic panic remains absent.

On the data front, the latest U.S. inflation figures offered little surprise. Headline CPI remains stuck at 2.7%, firmly within what the Federal Reserve considers a manageable range. While inflation hasn’t fully returned to the 2% target, it’s no longer accelerating, easing pressure on policymakers and reinforcing expectations that further rate hikes are unlikely in the near term. For gold, this environment remains constructive, as real yields stay contained and confidence in fiat purchasing power continues to erode at the margins.

Adding another layer of market noise, Donald Trump has again linked trade policy with domestic tax outcomes. In recent remarks, Trump suggested that stronger enforcement and expansion of tariffs could help offset the tax burden on U.S. citizens. While this idea has been floated before and remains politically contentious, the broader implication for markets is clear: tariff policy is likely to remain a central feature of U.S. economic strategy, with potential knock-on effects for inflation, global trade, and currency stability.

For now, precious metals appear to be responding to a powerful mix of steady inflation, geopolitical tension, and policy uncertainty. As long as those forces remain in play, gold and silver are likely to stay firmly in focus — not just as hedges, but as core assets in an increasingly complex global landscape.

Always do your own research before making any investment decisions.

Enjoy today’s charts.

Gold daily chart, with 50MDA