Gold and silver hit major milestones amid shifting Fed policy

precious metals gold prices silver rally central bank reserves inflation hedge

Precious metals are experiencing significant market momentum, with gold hitting its 52nd all-time high of the year at nearly $4,498 per troy ounce. This surge is largely attributed to shifting expectations regarding Federal Reserve policy, as cooling inflation and a softening labor market increase the likelihood of interest rate cuts. Lower rates reduce the opportunity cost of holding non-yielding assets like gold.

Silver has emerged as a standout performer, recently peaking at $66.75. Analysts note that silver has benefited from a historical gold-to-silver ratio anomaly, leading to a massive catch-up rally. Citi has further bolstered bullish sentiment by raising its near-term silver forecast to $70 per ounce.

Beyond market prices, central bank activity remains a strong long-term driver. In June, central banks added a net 51 tonnes to reported gold reserves. Additionally, the broader financial landscape is shifting, with increased interest in diversifying portfolios through digital gold and Bitcoin, as well as a rise in traditional finance assets being traded on cryptocurrency exchanges.

Entities

Adrian Day Asset Management · BlackRock · Citi · David Miller · Federal Reserve · Gold · Kitco · Kitco News · SPDR Gold Trust · Wall Street · World Gold Council

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The SPDR Gold Trust total holdings reached 1,021 tons.
[○ 1 SOURCE] Gold reached its 52nd all-time high of the year, peaking just under $4,498 per troy ounce. thechinaperspective.com
[○ 1 SOURCE] 84% of analysts surveyed by Kitco News expect gold prices to rise. soha.vn
[○ 1 SOURCE] The SPDR Gold Trust net bought approximately 3.4 tons of gold on August 10.
[○ 1 SOURCE] Gold prices rose 7.34% during the week of August 3–7. soha.vn
[○ 1 SOURCE] On August 10, gold prices rose 1.11% to exceed $4,390 per ounce.
[○ 1 SOURCE] Silver prices hit a peak of $66.75. thechinaperspective.com
[○ 1 SOURCE] On August 10, silver prices rose 3.4% to close near $66 per ounce.
[○ 1 SOURCE] Silver prices gained more than 10% as they broke out of mid-summer trading ranges. coinweek.com
[● 2 SOURCES] David Miller suggests gold could reach $5,000 per ounce in the long term. cafebiz.vn · cafef.vn
[○ 1 SOURCE] Gold prices jumped more than 7% in a single week, finishing above $4,300 per ounce. coinweek.com
[○ 1 SOURCE] Citi raised its zero-to-three-month silver forecast to $70 per ounce. coinpaper.com