The United States precious metals market has roared back to life today, marking one of its biggest single-day gains in years. After a brutal sell-off that saw silver plummet by nearly 40% and gold shed hundreds of dollars, the "Dip-Buyers" have officially returned to the COMEX floor.
Today’s Market Snapshot (US Spot Prices)
- Gold (XAU/USD): Reclaimed the critical $5,000 mark, trading at $5,042.85. (Up 1.95% today).
- Silver (XAG/USD): Surged back to $87.07 per ounce. (Up 2.40% today).
- Copper (HG): Steady at $6.04 per pound despite a minor technical pullback.
Why the Market is Bouncing Back Today?
1. The "Oversold" Correction
Last week's crash, triggered by the news of Kevin Warsh’s nomination as the next Fed Chair, was deemed "extreme" by most analysts. Institutional investors in New York and London viewed the sub-$4,500 gold prices as a massive bargain, leading to aggressive "Short-Covering" and fresh inflows.
2. Safe-Haven Assets vs. Strong Dollar
While the US Dollar remains firm, the ongoing geopolitical uncertainty and a partial US government shutdown have reminded investors why gold is essential. The delay in key economic data (Non-farm Payrolls) has created a "data vacuum," pushing capital back into safe-haven metals.
3. The Indian Tariff Impact
The recent US-India trade normalisation, which reduced certain import tariffs, has re-ignited physical demand from one of the world's largest gold consumers. This global demand shift is providing a much-needed tailwind for US spot prices.
Technical Outlook: Are We Heading to New Highs?
Most Wall Street experts, including those from Deutsche Bank, still maintain a year-end target of $6,000 for gold.
- Support: Gold is building a solid base at $4,800.
- Resistance: Silver needs to break and hold above $90 to re-enter the triple-digit ($100+) rally phase.