Silver surged to a fresh record above $115/oz today, rising nearly 12% and sharply outperforming gold and most risk assets. The precious and industrial metal has been lifted by tight physical supply, strong retail participation, and momentum-driven buying.

Analysts noted that Chinese silver prices are trading at a premium to London benchmarks, signaling further near-term upside, though elevated prices could eventually weigh on industrial demand.

Gold followed with continued strength, reinforcing its role as a preferred haven amid escalating geopolitical tensions and policy uncertainty. Prices climbed above $5,000 per ounce and briefly pushed toward $5,100, rising about 2% on the day.

Central bank buying remains a key driver for gold, with institutions diversifying foreign exchange reserves and reducing reliance on the US dollar.

Markets are also focused on rising trade tensions involving the US, speculation around coordinated currency intervention by US and Japanese authorities, and political pressure on the Federal Reserve ahead of this week’s policy meeting.

Analysts at Societe Generale see gold reaching $6,000 per ounce by year end, while Morgan Stanley highlighted a bull case scenario of $5,700. Both metals have posted repeated record highs since late 2025, with silver increasingly leading the rally.