Market Overview

On Thursday, precious metals experienced a significant uptick, with gold reaching its highest point in two weeks. This surge comes as investors eagerly anticipate the dynamics of the new trading year. The reelection of Donald Trump as the U.S. president has notably strengthened the dollar, momentarily pulling gold down from its record highs. However, the potential for increased inflation due to Trump's promised tariffs could redirect investor interest back towards precious metals as a safer investment option.

Price Movements

At 9:36 am ET, gold saw an increase of 0.90%, trading at $2,647.72 per ounce, marking its best price since December 18. Similarly, silver experienced a jump of 1.76%, selling for $29.41 per ounce. Shortly after, platinum rose by 1.61% to $923.44 per ounce, and palladium increased by 1.21%, trading at $906.35 per ounce at 9:38 am ET.