Gold and silver prices surged to fresh record highs on Wednesday, driven by strong safe-haven demand amid heightened geopolitical tensions and mixed U.S. economic data. While gold continued its steady climb, silver outperformed sharply, reinforcing bullish sentiment across precious metals markets. Here in ITBFX, we describe the news.
February gold futures rose $26 to trade near $4,626 per ounce, while March silver jumped more than $5 to around $91.70, bringing silver closer to the psychologically important $100 level. Analysts noted that risk aversion remains elevated as investors react to global instability, including unrest in China and rising geopolitical frictions involving the United States.
U.S. macroeconomic data offered a mixed picture. According to the Bureau of Labor Statistics, producer prices increased 0.2% month over month in November, while core producer inflation came in softer than expected. On an annual basis, both headline and core producer inflation edged higher, slightly above forecasts. Meanwhile, U.S. retail sales rose 0.6% in November, beating expectations on the back of stronger auto sales and holiday shopping.
Geopolitical risks also intensified after reports of escalating protests in Iran. Activist groups cited by Bloomberg reported a sharp rise in fatalities, prompting strong rhetoric from former U.S. President Donald Trump, who urged Iranian dissidents to continue protesting against the regime led by Ayatollah Ali Khamenei.
In broader markets, the U.S. dollar weakened, crude oil traded near $61.50 a barrel, and the benchmark 10-year U.S. Treasury yield hovered around 4.15%. From a technical perspective, gold bulls are targeting a move toward $4,750, while silver’s momentum keeps the $100 mark firmly in focus.
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