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Gold prices climbed during Asian trading on Wednesday, while silver prices surged to a fresh all-time high, as growing concerns over the U.S. economy fueled strong demand for safe haven assets. Investors increasingly turned to precious metals amid mixed economic data, expectations of easier monetary policy, and persistent global uncertainty, pushing both gold and silver higher.
Spot gold gained around 0.8% to trade near $4,334 per ounce, while February gold futures also advanced by a similar margin to approximately $4,365 per ounce. Gold prices are now hovering just about $50 below their record highs, reflecting sustained investor interest. Broader metal markets also moved higher, with platinum benefiting from haven buying and copper supported by optimism over additional stimulus measures in China, the world’s largest copper importer.
Silver significantly outperformed gold, rallying sharply to a record level above $66 per ounce. Spot silver jumped more than 3.5%, while silver futures climbed over 4%, highlighting strong momentum in the white metal. Market participants are increasingly pricing in a potential silver supply deficit by 2026, driven by rising industrial demand and constrained supply. Earlier this year, the U.S. government designated silver as a critical metal, further strengthening its long-term investment appeal.
Silver has also attracted haven-focused investors seeking an alternative to gold, offering similar stability at a lower entry price. This dynamic has helped propel silver prices up more than 100% so far in 2025. Analysts, including those from ANZ, expect both gold and silver to extend their gains into 2026 as economic uncertainty shows little sign of easing.
Safe haven demand was further boosted by weaker U.S. economic indicators, including a higher unemployment rate, soft nonfarm payroll data, and disappointing PMI readings. Concerns over slowing growth, liquidity conditions, and renewed Federal Reserve bond-buying have increased expectations of future interest rate cuts, a scenario that typically supports non-yielding assets like gold and silver. Investor focus now turns to upcoming U.S. inflation data for further direction.
