Gold Charges Toward 5,000 Dollars As Silver Races Up To 100

Spot gold is pressing against a new psychological barrier as the metal trades just under 5,000 dollars an ounce. Recent sessions saw prices near 4,950 dollars, up roughly 2.5 percent on the day, while silver jumped more than 6 percent to just under 99 dollars.   This latest leg higher caps a powerful run in precious metals. Gold has climbed roughly 40 to 60 percent over the past year depending on the benchmark, while silver has more than doubled from 2025 levels and briefly broke above 100 dollars an ounce for the first time.  

The rally rests on a mix of macro stress and steady institutional demand. Analysts point to rising geopolitical tensions, concern about long term inflation and doubts around the stability of major fiat currencies as key drivers pushing capital into traditional safe havens. Central banks have stepped up purchases as they diversify reserves away from the dollar, while private investors have used both futures and vaulted products to increase exposure. Forecasts from large banks now project that gold could push beyond 6,000 dollars later in 2026 if the current environment of high debt and policy uncertainty persists.  

Silver is riding the same wave but with an extra boost from industry. As prices approached and then briefly pierced the 100 dollar line, demand from retail buyers in hubs such as Shanghai and New York collided with structural needs from solar panel makers, electric vehicle suppliers and electronics manufacturers. That industrial pull comes on top of worries about future supply deficits and potential trade frictions, including talk of tariffs on metal intensive products, which together help explain why silver has moved even more sharply than gold in percentage terms.  

The strength in metals also highlights a contrast with bitcoin. While gold and silver grind toward fresh highs, bitcoin has spent much of the same period trading sideways in the high 80,000 dollar range and sits more than 20 percent below its own peak.   That gap is encouraging some macro investors to question the “digital gold” label for BTC, at least in this cycle, since capital seeking safety has clearly favored the older assets.

Even so, few expect a straight line for gold and silver from here. Rapid gains and crowded positioning can trigger sharp pullbacks, as seen in past episodes when margin hikes or shifts in interest rate expectations forced leveraged traders to unwind. Recent research notes that the large move up still fits inside a broader bull market that has been building for several years, with any corrections likely to be framed as entry points by long term buyers rather than the end of the trend.