Gold and silver unstoppable: precious metals rewrite the record books

The flight to safe-haven assets accelerates amid geopolitical tensions, a weaker dollar, and interest-rate expectations. Analysts warn: the rally may continue, but volatility risks are rising.

The rally in commodities shows no sign of slowing. Gold is setting fresh all-time highs, with the spot contract climbing to as much as $5,553 per ounce (+2.5%) after briefly approaching the $5,600 level, while silver surges to record highs at $118.17 (+1.6%), with an intraday peak close to $120.

According to leading international research houses, the rally is being driven by a combination of heightened geopolitical uncertainty, concerns over the resilience of the global economy, and a structural weakening of the U.S. dollar. Recent international tensions and renewed worries about global trade are prompting investors to increase exposure to assets perceived as safe havens, against a backdrop of growing risk aversion.

Monetary policy expectations are also supporting prices. Anticipation of a more accommodative interest-rate stance in the United States reduces the opportunity cost of holding non-yielding assets such as precious metals, encouraging fresh capital inflows. Market analysts note that both physical and financial demand — particularly through ETFs — remains at historically elevated levels.

Silver, moreover, benefits from its dual role as both a safe-haven asset and an industrial metal. Tight supply prospects and demand linked to the technology and energy sectors are amplifying upward pressure, while at the same time making the market more vulnerable to sharp swings.

But how much further can prices rise? Several analysts do not rule out new highs for gold above the $6,000 mark if the geopolitical and currency backdrop fails to show signs of easing. At the same time, they caution that such rapid moves increase the risk of profit-taking and short-term corrective phases.

Andrea Pelucchi