Safe-haven flows have poured into precious metals again as global risk sentiment deteriorated at the start of the week, driving Gold to a fresh all-time high above 5,100 an ounce and sending Silver decisively through the 100 mark. The move reflects widespread investor anxiety amid escalating geopolitical and trade tensions, including renewed tariff threats and broad policy uncertainty that have weakened confidence in traditional risk assets and more importantly, Dollar.
The latest trigger has been a sharp escalation in tensions between the US and Canada. US President Donald Trump warned over the weekend that Canada could face 100% tariffs on its exports if Ottawa proceeds with trade agreement that he believes would allow China to flood the US market. Treasury Secretary Scott Bessent amplified the message on Sunday, warning that the US could not allow Canada to function as a backdoor for Chinese goods. The hardline comments land against a broader backdrop of tariff disputes and market skepticism about predictable policy direction.
Although Canada’s leadership quickly sought to dial down tensions, markets remained unsettled. Prime Minister Mark Carney sought to ease immediate fears, emphasizing its commitment to existing obligations under the United States–Mexico–Canada Agreement and clarifying that recent tariff reductions with China do not constitute a comprehensive free trade pact. Despite the diplomatic pushback, markets remain sensitive to even the threat of wider trade escalation, amplifying safe-haven bid dynamics.
In the background, underlying both rallies in Gold and Silver is a broader deterioration in risk appetite, with concerns spanning not just North American trade friction but also lingering uncertainty over NATO relations, Greenland disputes, and Middle East flashpoints. Markets are pricing this backdrop as a structural premium for haven assets rather than transient headline shocks.
Technically, Gold has already met 100% projection of 3267.90 to 4,381.22 from 3,997.73 at 5,111.05 and momentum still looks strong in both 4H and D MACD. There is no sign of topping yet. Sustained trading above 5,111.05 will pave the way to 138.2% projection at 5,536.33 next. On the downside, break of 4,899.23 support will indicate short term topping, and bring consolidations first.
Silver’s parabolic rise continues today without any hesitation above 100 psychological level. Near term outlook will stay bullish as long as 99.34 support holds. Next target is 138.2% projection of 48.60 to 83.94 from 70.03 at 118.86. On the downside, break of 99.34 will indicate short term topping and bring consolidations first.
