Metals
Date Range
25 Jan 2026
Gold
Metal Climate Index
72
Gold is trading with clear bullish momentum as global safe‑haven demand, a weaker dollar and expectations for easier US policy keep buyers engaged. Regional price records and strong retail/ETF activity, together with continued central‑bank accumulation, are the dominant forces supporting the rally.
Key Drivers
- Softer US dollar / Fed‑cut expectations
- Central bank and ETF demand
- Retail and regional price record buying
- Limited incremental mine supply
Silver
Metal Climate Index
74
Silver is in a bullish phase after breaking the $100/oz threshold, driven by heavy retail flows, momentum buying and persistent tightness in physical markets. Structural supply constraints and geopolitical/export controls are supporting prices even as analysts warn of increased volatility and a risk of sharp corrections.
Key Drivers
- Retail FOMO and momentum flows
- Acute physical supply squeeze / COMEX withdrawals
- Geopolitical risks and export/licensing restrictions
- Sustained industrial demand (solar, EVs, electronics)
Sources
24 Jan 2026
Gold
Metal Climate Index
73
Gold is exhibiting strong bullish momentum as prices near the $5,000 psychological level, supported by record ETF inflows and continued central-bank accumulation. Macroeconomic data show only modest U.S. growth, which along with softer dollar/earlier Fed cut pricing and regional premium tightness is keeping upside risks elevated.
Key Drivers
- Record ETF + central-bank demand
- Fed rate-cut expectations / weaker USD
- Physical premium tightness (India & Asia)
- Ongoing geopolitical risk supporting safe-haven flows
Sources
Silver
Metal Climate Index
78
Silver has entered a strongly bullish phase after spot prices climbed above $100 on Jan 23, driven by safe-haven flows and momentum buying. Physical-market tightness and notable ETF inflows have amplified the rally, even as analysts caution the move has speculative characteristics that could invite sharp pullbacks. ([investing.com](https://www.investing.com/news/economy-news/silver-hits-record-high-above-100oz-asgold-closes-in-on-5000-milestone-4463572?utm_source=openai))
Key Drivers
- Record-breaking momentum / retail & ETF demand
- Tight physical inventories and delivery stress
- Geopolitical risk / safe-haven flows
23 Jan 2026
Gold
Metal Climate Index
84
Gold is exhibiting strong bullish conditions, trading near record levels as a weaker dollar and renewed concerns over monetary policy support demand. The market is being further propped up by large-bank bullish forecasts and persistent central-bank/ETF buying, though short-term corrections remain possible if the Fed signals greater rate clarity or geopolitical tensions ease.
Key Drivers
- Weaker US dollar
- Fed independence / policy uncertainty
- Upgraded forecasts & central‑bank/ETF demand
- Geopolitical risk premium
Sources
Silver
Metal Climate Index
65
Silver is in a bullish-but-volatile phase: recent record intraday highs have been met with sharp ETF flows and profit-taking, producing large intraday swings. Overall market drivers—weak dollar pressure, geopolitical risk, and tight physical inventories—support higher prices, but elevated speculative activity increases near-term downside risk.
Key Drivers
- ETF flows and speculative unwind
- Weak US dollar and Fed political risk
- Tight physical inventories / ETP accumulation
Sources
22 Jan 2026
Gold
Metal Climate Index
68
Gold's market climate is bullish with strong momentum after fresh analyst upgrades and record ETF/official-sector accumulation. Key drivers are private- and central-bank demand and supportive macro conditions (lower real yields and dollar weakness), while geopolitical developments remain an intermittent influence.
Key Drivers
- Private-sector diversification and HNW buying
- Sustained central-bank purchases
- ETF inflows and market liquidity
Silver
Metal Climate Index
68
Silver is trading with bullish bias and notable volatility as safe-haven flows and technical momentum push prices toward record territory. Intraday dislocations in silver ETFs and mixed regional price moves highlight elevated liquidity and execution risk despite strong physical demand.
Key Drivers
- Safe-haven flows from geopolitical/tariff concerns
- Technical momentum and short-covering
- Physical demand (China/industrial) vs. tight paper liquidity
Sources
21 Jan 2026
Gold
Metal Climate Index
69
Gold is trading with clear bullish momentum as safe-haven flows driven by worsening geopolitical tensions (notably the Greenland dispute) and expectations of U.S. rate cuts have pushed prices to new records. A softer dollar and ongoing buying (including strong ETF/official reserves interest) are supporting the rally, though short-term profit-taking and elevated volatility remain possible.
Key Drivers
- Escalating geopolitical risk (Greenland dispute)
- Fed rate-cut expectations / softer USD
- Safe-haven and institutional buying (ETF & central banks)
- Equity-market volatility / profit-taking risk
Sources
Silver
Metal Climate Index
70
Silver is trading with clear bullish bias as geopolitical safe-haven buying (notably US–Europe tensions) and a weaker dollar lift precious metals, while ongoing structural industrial demand supports higher levels. Market momentum is strong but accompanied by tight physical inventories and volatile ETF positioning, leaving the metal supported but susceptible to sharp intra-day swings.
Key Drivers
- Geopolitical safe‑haven flows (Greenland / US–EU tensions)
- Structural industrial demand (solar, EVs, AI/electronics)
- Tight physical inventories and strong ETF inflows
Sources
20 Jan 2026
Gold
Metal Climate Index
78
Gold is trading with pronounced bullish momentum, hitting fresh record levels as geopolitical shocks (Greenland/tariff threats) and dollar weakness drove a safe-haven bid. Robust ETF inflows and ongoing official/central-bank accumulation provide structural support, though macro and policy risks could trigger intermittent volatility.
Key Drivers
- Greenland tariff/geopolitical shock
- Dollar weakness and lower real yields
- ETF inflows & central bank buying
- Strong short-term momentum / record highs
Sources
Silver
Metal Climate Index
76
Silver is experiencing clear bullish tailwinds: record intraday highs and a sharp daily gain as investors piled into safe havens after U.S.–Europe tariff threats. Tight physical availability and elevated ETF/retail flows are amplifying price moves, while macro drivers — a softer dollar and expectations of easier policy — further support the rally.
Key Drivers
- U.S.–EU tariff/geopolitical shock
- Tight physical inventories / London squeeze
- Strong ETF and retail inflows
- Weaker USD and dovish rate expectations
Sources
19 Jan 2026
Gold
Metal Climate Index
78
Gold is trading with clear bullish momentum as fresh US–Europe trade tensions and tariff threats lift safe-haven demand and push spot prices to new records. Continued large ETF inflows and strong retail demand in key markets add structural support, while supply-side factors remain neutral.
Key Drivers
- Renewed US–EU trade/tariff tensions
- Record ETF inflows and industry demand
- Safe-haven flows amid dollar weakness
Sources
Silver
Metal Climate Index
66
Silver remains in a bullish but volatile phase: strong month-to-date gains and safe-haven buying have driven prices higher, yet recent policy signals (a White House tariff pause) and firmer US data triggered a short-term pullback. Overall, geopolitical risk and structural industrial demand continue to provide upward support even as macro factors and profit-taking cap near-term upside.
Key Drivers
- Tariff policy uncertainty
- US macro data / stronger dollar
- Safe-haven geopolitical flows
- Industrial demand for clean-energy tech
Sources
18 Jan 2026
Gold
Metal Climate Index
72
Gold remains in a broadly bullish climate driven by continued reserve accumulation by major central banks and sustained ETF inflows, though prices are consolidating after recent record prints. Short-term softness in spot markets and local retail price moves reflect profit-taking and dollar/real-yield dynamics, but structural demand keeps the outlook tilted to the upside. ([timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/international-business/us-china-trade-china-pares-us-treasury-exposure-to-17-year-low-steps-up-gold-accumulation/articleshow/126616797.cms))
Key Drivers
- Central-bank reserve accumulation
- ETF/ETP inflows and investor demand
- Short-term profit-taking / momentum shifts
- Dollar and real-yield movements
Sources
Silver
Metal Climate Index
69
Silver remains in a bullish but volatile regime: heavy retail and ETF demand plus tight visible inventories have driven prices sharply higher, even after a small daily pullback. Major banks warn that valuations and elevated option volatility raise the risk of sharp corrections, so upside is supported but not one-way.
Key Drivers
- Record retail & ETF inflows
- Visible physical tightness / backwardation
- Macro support from weaker USD and rate expectations
17 Jan 2026
Gold
Metal Climate Index
59
Gold sits near record levels but pulled back slightly on Jan. 16 as firmer U.S. jobs data and a stronger dollar trimmed expectations for near-term Fed rate cuts, prompting modest profit-taking and a small decline in futures. Central bank and ETF accumulation and lingering geopolitical concerns continue to underpin the market, producing mixed signals between solid structural demand and short-term macro headwinds. ([finance.yahoo.com](https://finance.yahoo.com/personal-finance/investing/article/gold-price-today-tuesday-january-13-2026-gold-opens-above-4600-after-setting-new-high-125316834.html?utm_source=openai))
Key Drivers
- Central bank & ETF accumulation
- US macro/dollar strength and rate-cut expectations
- Retail/momentum flows and profit-taking
- Regional physical demand (India/China)
Sources
Silver
Metal Climate Index
72
Silver is in a bullish phase driven by outsized retail ETF inflows and continued safe-haven buying that pushed spot prices to fresh records earlier this week. However, signs of industrial demand sensitivity and recent notes that physical tightness may be easing introduce a meaningful risk of consolidation or correction.
Key Drivers
- Retail ETF inflows / crowded trade
- Fed-rate expectations and USD weakness
- Industrial demand substitution pressure
- Physical inventory tightness and shifting flows
Sources
16 Jan 2026
Gold
Metal Climate Index
68
Gold is trading in a broadly bullish environment driven by record price momentum, robust investment flows into ETFs, and elevated geopolitical risk that is increasing safe-haven demand. Macro ambiguity around the timing and extent of Fed rate cuts limits upside conviction but does not currently outweigh demand-side support. Supply-side factors remain relatively neutral, leaving the market sensitive to short-term shifts in yields and dollar strength.
Key Drivers
- Record price momentum and technical breakout
- Elevated safe-haven demand from geopolitical tensions
- Investment inflows into gold ETFs
- Uncertain timing of Fed rate cuts
Sources
Silver
Metal Climate Index
78
Silver is trading with strong bullish momentum after a sustained rally that pushed prices through prior records; investor flows and safe-haven buying have been the immediate drivers. Structural supply tightness—thin London inventories and heavy ETF/retail demand—magnifies moves and supports higher levels. Macro and political uncertainty (Fed policy debates, a weaker dollar) bolster demand for precious metals but also raise the odds of sharp intraday swings. Overall the market has positive tailwinds, tempered by elevated volatility and periodic forced selling from index rebalancing or profit-taking.
Key Drivers
- Physical supply tightness and vault withdrawals
- Large ETF inflows and retail stacking
- Fed policy uncertainty and dollar weakness
- Geopolitical/political shocks boosting safe-haven demand
Sources
15 Jan 2026
Gold
Metal Climate Index
72
Gold's market climate is broadly bullish: record highs and heavy central-bank accumulation have created durable upward pressure. Short-term profit-taking and a softer geopolitical tone on Jan 15 caused a modest pullback, but macro uncertainty around Fed policy and ongoing safe-haven demand support further gains. Miner capex plans point to longer-term supply additions, but central-bank and ETF demand continue to tighten effective available supply.
Key Drivers
- Sustained central-bank purchases (notably China)
- Elevated geopolitical risk / safe-haven flows
- Federal Reserve uncertainty and potential rate cuts
- Strong investor/ETF inflows
Sources
Silver
Metal Climate Index
74
Silver has moved into a clear bullish phase after a sharp rally that briefly pushed spot above $90 on Jan. 14; the market is trading at $88.99 on Jan. 15 with a daily gain of 5.65%. Key bullish drivers are softer U.S. inflation and stronger Fed rate-cut odds, persistent physical tightness and concentrated Chinese export licensing. Offsetting forces include accelerated industrial efforts to reduce silver use in PV cells and margin pressure in the solar supply chain, which create medium-term substitution risk.
Key Drivers
- Fed rate-cut expectations / softer US inflation
- China export-licensing tightening (reduced overseas supply)
- Strong ETF/physical demand and low inventories
- Solar industry de-silvering / substitution pressure
Sources
14 Jan 2026
Gold
Metal Climate Index
72
Gold's market climate is bullish-to-strongly supportive as prices trade near record levels on renewed ETF inflows, sustained central-bank buying and softer U.S. inflation that lifts rate-cut expectations. Geopolitical uncertainty and political pressure around Fed leadership are adding safe-haven demand and episodic volatility. Physical-demand shifts in big markets like India (toward coins/bars/ETFs) and the sector's limited near-term supply responsiveness further underpin prices.
Key Drivers
- Fed rate-cut expectations / lower U.S. CPI
- Large ETF inflows and institutional demand
- Sustained central-bank reserve buying
- Geopolitical and policy uncertainty boosting safe-haven flows
Sources
Silver
Metal Climate Index
74
Silver is trading with clear bullish momentum after recent record highs, supported by softer U.S. inflation that fuels rate-cut expectations and safe-haven flows. Structural supply constraints—notably China's new export-licensing regime—and strong industrial demand (solar, electronics, EVs) are tightening the physical market. Miner and ETF flows have amplified the rally, but thin inventories and geopolitical headlines increase the odds of episodic volatility. Overall the market favors higher prices, with continued sensitivity to macro data and any shifts in Chinese export policy.
Key Drivers
- Fed rate-cut expectations / lower real yields
- China export licensing tightening outbound silver supply
- Robust industrial demand (solar, electronics, EVs)
- Thin inventories and strong investment/ETF inflows
Sources
13 Jan 2026
Gold
Metal Climate Index
73
Gold is trading near record levels (current price provided: $4,581.54) and remains supported by safe-haven flows after a DOJ probe into Fed Chair Jerome Powell and fresh U.S. trade actions increased risk and weakened the dollar. Strong ETF and central-bank accumulation during 2025 has left investor positioning tilted toward bullion, while major banks have lifted near- to medium-term price targets, keeping upside biased but leaving room for short-term profit-taking.
Key Drivers
- Fed-independence legal probe and rate-cut repricing
- Geopolitical risk (Iran, tariffs) boosting safe-haven demand
- Record ETF and central-bank purchases supporting physical demand
- Momentum-driven investor flows with intermittent profit-taking
Sources
Silver
Metal Climate Index
78
As of January 13, 2026, silver is trading at elevated levels (user-reported $83.45) following a late-2025 structural rally that has continued into January. The market is being driven by a mix of safe-haven flows after U.S. political/central-bank tensions, large ETF accumulation, and rapidly rising industrial demand (solar/EV/data centres). Near-term volatility and profit-taking remain risks, but supply-side shocks — notably China's new export-licensing rules and depleted COMEX registered stocks — leave the overall climate firmly supported.
Key Drivers
- China's Jan 1, 2026 silver export licensing
- Depleted COMEX registered/eligible inventories
- Surging industrial demand (solar, EVs, data centres)
- Large ETF inflows and investor positioning
Sources