Gold (XAUUSD), Silver, Platinum Forecasts – Bullion Leads as Silver Lags, Platinum Stalls

Metals Market Update: Gold Hits All-Time High, Silver Pulls Back, Platinum Tests Support

Precious metals diverged sharply as gold surged to fresh record highs, silver lagged with a bearish tilt, and platinum tested key support levels. Fed policy expectations and U.S. inflation data remain the core drivers for near-term price action across the board.

Gold Prices Forecast Fed Rate Cut Bets Fuel New All-Time High

Gold printed a new all-time high of $3,674.70 Tuesday as traders priced in an aggressive dovish shift from the Federal Reserve. Fed funds futures are now assigning a 92% chance of a 25-basis-point rate cut, with some positioning for 50bps. The move follows weaker U.S. payrolls and speculation that job revisions could subtract up to 800,000 positions from prior counts.

The U.S. Dollar Index dropped to a 7-week low at 97.25, while 10-year Treasury yields hovered near 4.06%, both reinforcing gold’s appeal. Central bank demand, including continued gold reserve accumulation by the PBOC, adds further bullish pressure. Holdings in the SPDR Gold Trust rose to 990.56 tons, a 12% YTD increase and the highest level since August 2022.

Technically, gold is extended but strong. With RSI in overbought territory, some consolidation is possible, but support is firm at $3,500.20. As long as that level holds, the market remains biased toward a retest of $3,700, and potentially $3,879.64 if momentum builds.

Outlook: Bullish. As long as inflation data doesn’t surprise to the upside, gold remains well-supported with buyers in control.

Silver Prices Projection Industrial Drag Keeps Bulls on the Sideline

Silver pulled back to $40.84, underperforming gold as investor demand fails to offset industrial market drag. Despite the broader tailwind from Fed easing expectations, silver remains tied to macroeconomic demand concerns. Manufacturing softness and recession fears are acting as headwinds.

Technically, silver is consolidating below key resistance at $41.67. A daily close above that level would open the path to $44.22. On the downside, immediate support is seen at $40.40, followed by stronger demand at $39.88. The gold/silver ratio continues to trend higher, now aiming for the 200-day at 91.689, confirming gold’s leadership.

Outlook: Rangebound with bearish lean. Unless silver breaks above $41.67, momentum favors downside, especially if industrial sentiment remains weak.

Platinum Price Forecast Bears Test 50-SMA After Rejection at $1,438

Platinum surged to $1,438.30 last week but failed to hold above that breakout zone, reversing back toward key support. Price currently trades at $1,369.95, with the 50-day SMA at $1,367.60 now being tested. The trend remains positive following the recovery from the $1,296.60 low, but momentum has clearly slowed.

The market is caught between waning industrial demand and the absence of strong monetary-driven inflows that benefit gold. With little ETF interest and limited speculative positioning, platinum is vulnerable unless it can hold the $1,367–$1,351 zone. A breakdown targets $1,325, while reclaiming $1,398 is needed to retest $1,438.

Outlook: Neutral to Bearish. Technical pressure is building below $1,398, with a bearish shift confirmed on a close below $1,351.

More Information in our Economic Calendar.