Gold prices steadied on Thursday, supported by signals that the U.S. Federal Reserve may lean toward further monetary easing. Meanwhile, silver hovered near its record highs, fueled by strong industrial demand and investor interest.
In spot trading, gold dipped slightly by 0.2% to $4,332.30 per ounce. This decline followed a sharp gain of over 1% late on Wednesday. Similarly, gold futures also fell by 0.2%, settling at $4,364.70 per ounce. The precious metal has experienced significant volatility this year, driven by shifts in global monetary policy and economic uncertainty.
Silver, on the other hand, continued its remarkable rally, rising 0.2% in spot trading to $66.44 per ounce. This came after the metal had reached a record high of $66.88 per ounce during the previous session. Since the start of the year, silver has gained an impressive 129%, far outpacing gold’s 65% rise. The surge in silver prices is attributed to robust industrial demand, shrinking inventories, and heightened interest from investors seeking safe-haven assets amid economic turbulence.
The Federal Reserve’s recent decision to cut interest rates for the third time this year—with a quarter-point reduction—has further boosted non-yielding assets like gold. Markets are now anticipating two additional 25-basis-point rate cuts in 2026. Lower interest rates typically benefit precious metals, which do not pay interest, by reducing the opportunity cost of holding them.
Investors are now awaiting the release of key U.S. inflation data, including November’s Consumer Price Index (CPI), which is expected later today, and the Personal Consumption Expenditures (PCE) Index, due tomorrow. These indicators will likely shape expectations for the Federal Reserve’s policy trajectory moving forward.
Additionally, the dollar index has retained its recent gains after hitting a one-week high on Wednesday. A stronger dollar tends to weigh on gold, as it makes the metal more expensive for holders of other currencies.
In other precious metals, platinum surged by 3.6% to $1,966, marking its highest level in over 17 years. Palladium also climbed 1%, reaching a three-year high of $1,663 per ounce.
The global financial markets remain highly sensitive to changes in economic indicators and central bank policies, as investors look for stability amid ongoing economic challenges. Both gold and silver are expected to maintain their appeal as hedges against inflation and currency fluctuations in the coming months.
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