Precious Metals Surge: Gold Approaches $4,500 Mark, Silver Reclaims $66 - finance.biggo.com

AI desk brief

Gold and silver staged a sharp risk-on reversal on Sept. 3, with gold futures briefly testing the $4,500/oz area and spot gold pulling back to around $4,448 after an intraday gain of just over 1%. COMEX silver rose about 1.55% and touched $66.70, highlighting a broad move back into precious metals as rate-hike fears eased.

The rally was driven by softer US labor data, dovish comments from Fed officials, and a cooling in Middle East tension. New York Fed President John Williams said inflation pressures continue to ease as tariff effects fade, while ADP showed just 38,000 private-sector jobs added in August, the weakest monthly gain this year. Market conviction for another September Fed hike faded, with risk sentiment reflected in a 0.4% drop in the dollar index to 99.21 and falling Treasury yields.

For metals, the key near-term setup is whether the market continues to price out further tightening. Lower real yields and a softer dollar are directly supportive for XAU, while silver’s higher beta suggests it could outperform if the macro backdrop remains benign. Geopolitics still matters: easing fears around Middle East escalation helped reduce the inflation impulse from higher oil, which removed one of the main arguments for a more hawkish Fed.

The article also notes a social-media claim that gold and silver’s combined market value rose by roughly $1.8tn over 30 hours, but that figure is presented only as a rough valuation estimate rather than a rigorous market-cap measure. Watch upcoming Fed rhetoric, labor data, and any renewed energy-price spike as the main catalysts for whether gold can hold above the mid-$4,400s and silver can consolidate above the mid-$60s.