Gold is on track for a fourth consecutive weekly gain, trading near $3,650 an ounce, boosted by expectations of Fed rate cuts.
Silver surged above $42 an ounce, reaching its highest level since 2011, while palladium and platinum also gained.
Weak US labor data and steady August CPI figures have given the Fed room to cut rates, with markets pricing in at least one quarter-point reduction next week.
Gold has rallied almost 40% this year, outpacing the S&P 500, driven by central-bank buying, geopolitical risks, and strong ETF inflows.
Bullion-backed ETFs expanded by 17 tons this week, reinforcing demand.
UBS raised its gold target to $3,800 by year-end and sees $3,900 by mid-2026, citing dollar weakness and lower rates.
Trump’s push for influence over the Fed, along with ongoing USD depreciation, continues to fuel gold’s appeal as a hedge against uncertainty.

What’s Next?
Gold’s resilience in the face of shifting monetary policy and political noise highlights its enduring role as a safe-haven asset. With the Fed leaning dovish and ETF inflows accelerating, the momentum could carry prices even higher — though volatility will remain elevated as traders balance inflation risks against rate-cut expectations.