Analysts: Gold prices will challenge the $5,000 mark
2025-10-08 17:02:18
Spot gold broke through the $4,000/oz mark for the first time on Wednesday and silver climbed to a record high. Matthew Piggott, head of gold and silver at Metals Focus, said: "The strength in gold prices reflects the extremely favourable macroeconomic and geopolitical backdrop for safe havens, coupled with concerns about other traditional havens." Mr. Piggott added: "As these factors continue into 2026, we do not see any obvious catalysts for a material pullback in gold prices at this time. As a result, we expect gold to continue to move higher throughout the year and attempt to challenge the $5,000 mark." Cooper, head of global commodities research at Standard Chartered, said: "The silver market continues to tighten, with higher rental rates, record inventories on the New York Mercantile Exchange (COMEX) and strong seasonal demand in India. The recent rally has also been supported by large inflows of funds into exchange-traded products (ETPs). "
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