Silver and Gold Silver Surge as Dollar Weakness Fuels Precious Metals Rally

Silver price today sits at $69.19 an ounce, up 0.4% on the day, and it is climbing right alongside gold in a precious metals rally that has been building since the start of August. Gold and silver prices are both getting a lift from a weaker US dollar and from Treasury yields that have eased off their highs, and the silver price forecast from several trading desks leans higher still going into Friday’s Jackson Hole speech from Fed Chair Kevin Warsh.

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Silver Price Today Rises as Gold Leads a Precious Metals Rally

Spot gold rose as much as 1.6% on Monday to $4,677.14 an ounce, its best level since May 14, according to Reuters, and U.S. gold futures for December delivery climbed 1.2% to $4,734.70. Jim Wyckoff, a market analyst at American Gold Exchange, wrote about the move in a research note published the same day:

The fundamentals and technicals are kind of lining up bullish for the gold market.

Silver price today held near $69 an ounce and tracked gold higher right along with it, and the wider rally carried on into a new week. The silver price has mostly moved in step with gold this month, and the dollar index was sitting near 98.8, close to a three month low. Quite a few desks on Wall Street have pointed to that dollar weakness as the main tailwind behind this month’s gains in gold and silver prices. Morgan Stanley has also said gold could top $5,000 an ounce in 2027, and Goldman Sachs has called it a top pick among commodities for the months ahead.

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