The prices of gold and silver continue to trend higher. Gold and Silver have extended their record-breaking rally, hitting new fresh highs amid continued weakness in the US dollar and heightened economic and geopolitical uncertainty.
Gold and Silver Rates Today
Gold and silver are up by over 3% on Thursday. With gold trading at $5,600 and silver at around $120, the gold-to-silver ratio has further slipped to 46. In January 2025, the ratio exceeded 100, whereas the long-term average is approximately 70.
In the Indian markets, MCX Gold futures trade higher at around 8%, with the LTP of 02 APR 2026 contract at Rs 1,91,450.
MCX Silver futures trade higher at around 6%, with the LTP of 05 MAR 2026 contract at Rs 4,08,300.
Over the last 12 months, gold has been up by 100%, while the YTD return is 29%. Over the last 12 months, silver has been up by 290%, while the YTD return is 58%.
Latest Triggers
The big push in the gold and silver prices came after President Trump dismissed the dollar’s slide to four-year lows. The US dollar index is down by 10% in the last 12 months. Trump’s remarks indicate that the US is prepared to allow the US currency to weaken in order to increase the competitiveness of its exports.
However, when the US currency weakens, money shifts from dollar-denominated assets to safe-haven assets like gold and silver. As a result, these two precious metals are finding support to reach higher levels.
The US Fed’s decision to keep the interest rates unchanged rather than lower them in light of inflationary threats also boosted gold and silver prices.
The US Federal Reserve’s independence is another major worry for the market. As Trump prepares to name the next US Fed chairman, Powell steps down as head in May 2026. But what matters is not Powell’s current perspective on the status of the economy. What happens after May is keeping markets confused, leading money towards safe-haven assets.
Analysts foresee additional gains for gold, viewing it as a strategic hedge in the face of increased geopolitical risks connected with the current US administration’s foreign policy adjustments and a growing trend toward de-dollarization.