Despite the renewed bull run in US equities, a weakening dollar is supporting further gains in precious metals. Gold is moving back toward $4,890 per ounce, while silver is matching record levels near $95 per ounce, up almost 3% today. Today’s US data (PCE inflation and jobless claims) came largely in line with expectations and, in theory, could have encouraged a pullback in metals given that some readings were slightly above forecasts. Instead, the price action suggests the rally is being driven by more structural forces.
The market appears to be supported by a broad set of buyers accumulating meaningful volumes largely regardless of short-term swings in macro prints. Ongoing uncertainty around transatlantic relations is also underpinning sentiment. Moreover, a prolonged risk rally can itself lift hedging demand, naturally directing attention first and foremost toward gold.

Source: xStation5
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Silver breaks above $59 and attracts capital again. Gold remains in the shadow of its younger sibling