Gold nears $4,200 as silver hits record high

Gold and silver prices climbed to fresh record highs

Gold and silver prices climbed to fresh record highs as the US government shutdown entered its 13th day, with markets awaiting Federal Reserve Chair Jerome Powell’s speech later today at the annual meeting of the National Association for Business Economics.

During Tuesday’s session, December gold futures rose 1.35%, or $55, to $4,188 an ounce after hitting an all-time high of $4,190.4 earlier in the session.

Spot gold gained 1.7%, or $69.02, to $4,179.29 an ounce, while spot silver jumped 2.15% to $53.484—both marking record highs.

Meanwhile, the US dollar index, which measures the greenback’s performance against a basket of six major currencies, fell 0.15% to 99.13 points as of 8:19 a.m. Mecca time.

December silver futures surged 4.1% to $52.495 an ounce, also a record, while spot platinum rose 1.3% to $1,656.45 and spot palladium edged up 0.45% to $1,485.23 an ounce.

Analysts at Bank of America and Société Générale now expect gold to reach $5,000 by 2026, while Standard Chartered raised its 2026 average forecast to $4,488, according to Reuters.