Gold (XAUUSD) & Silver Price Forecast: Investors Eye $3,860 Gold and $48 Silver Targets

Silver and Platinum Extend Multi-Year Gains

The rally was not confined to gold. Silver advanced more than 2% to its highest level in 14 years, while platinum climbed 3% to a 12-year peak. Market participants highlighted that investors are diversifying exposure beyond gold, with both silver and platinum benefiting from dual demand—safe-haven flows and industrial usage.

“Silver remains particularly attractive given its role in green technologies and manufacturing,” said one commodities strategist, pointing to structural supply constraints. Analysts also stressed that continued dollar weakness has made dollar-denominated metals cheaper for foreign buyers, reinforcing demand across global markets.

Fed Rate Cuts and Dollar Weakness Drive Momentum

Expectations for further monetary easing remain a central driver. According to the CME FedWatch Tool, traders are pricing in multiple Fed cuts by year-end, a shift that lowers the opportunity cost of holding metals. Last week’s inflation data, which aligned with forecasts, strengthened bets on a dovish policy path.

Analysts argue that a shutdown could increase pressure on the central bank to provide policy support, particularly if economic activity slows. With the dollar index hovering near multi-month lows, the macro backdrop continues to favor precious metals.

For now, the convergence of fiscal uncertainty, dollar weakness, and policy expectations suggests that gold and silver are likely to remain at the center of investor attention.

Short-Term Forecast

Gold trades near $3,815, eyeing $3,860–$3,906 if momentum holds, while silver at $47.14 targets $47.75–$48.90; downside risk remains if $3,790 and $46.65 supports break.