Safe-haven winds strengthen: Gold and silver hit fresh record highs

Weaker-than-expected US core inflation data strengthened market expectations that additional interest rate cuts could take place throughout 2026. As those expectations grew, investors moved toward safe-haven assets, sending gold and silver to fresh record levels.

Gold refreshes its record

Supported by rising rate-cut expectations, spot gold reached a new all-time high of $4,640 during the third trading session of the week. In early hours, gold was up 0.88% at $4,626 per ounce versus the prior close.

Gold had also set a record the previous day, hitting $4,634.33 per ounce.

Silver posts sharper gains

Silver moved even more aggressively. Spot silver touched an intraday high of $91.55 before trading 3.38% higher at $89.62.

Gram silver also reached a record high of 127.11 lira before easing to 124.37 lira.

Silver surpasses Nvidia in market value

With the latest surge, silver overtook Nvidia by market capitalization to become the world’s second most valuable asset. Silver’s total market value reached $5.08 trillion, while Nvidia’s market capitalization stood at $4.52 trillion.

Fed independence remains in focus

Alongside the macro backdrop, markets continue to monitor uncertainty around the US Federal Reserve’s independence. The possibility of a criminal probe involving Fed Chair Jerome Powell remains a key theme for investors.

Several leading central banks have issued a joint statement emphasizing that central bank independence is a cornerstone of price, financial, and economic stability.