Gold, Silver, Platinum Forecasts: Gold Rises on Fears, Silver, Platinum Stay Weak

Gold Rises for Third Day on Russia-Ukraine Tensions

Gold prices surged to a one-week high, marking a third straight session of gains as escalating Russia-Ukraine tensions drove investors to safe-haven assets. Russian President Vladimir Putin’s nuclear threats heightened geopolitical fears, boosting demand for bullion.

However, a strengthening U.S. dollar, recovering from a three-day decline, capped gold’s upside by making it more expensive for foreign buyers. Meanwhile, Federal Reserve officials’ upcoming statements are in focus, as expectations for a December rate cut have fallen to 55.7%.

Analysts predict that while a Fed pause may weigh on gold short-term, geopolitical uncertainty and robust physical demand should sustain bullish sentiment.

Gold’s role as an inflation hedge faces challenges, with rising interest rates dampening its appeal against yielding assets. However, geopolitical instability continues to anchor investor interest.

Technically, the market is in a position to challenge the 50-day moving average at $2661.091. Overcoming this indicator will be a sign of strength, but $2675.081 to $2681.690, could produce headwinds.

Silver Falls as Dollar Strength and Yields Weigh

Silver prices slipped, diverging from gold’s gains, as stronger U.S. Treasury yields and a rebounding dollar pressured the market. Escalating Russia-Ukraine tensions sparked safe-haven buying, but silver’s performance lagged due to its sensitivity to economic conditions.

The dollar’s recovery, following a three-day slide, made dollar-priced silver more expensive for overseas buyers. Rising bond yields further reduced the appeal of non-yielding assets like silver.

Investor focus remains on Federal Reserve officials’ upcoming remarks, with December rate cut expectations dropping to 55.7%. Analysts suggest that while geopolitical uncertainty offers some support, silver faces additional headwinds due to its industrial demand exposure.

Silver’s dual nature as both a precious and industrial metal makes it particularly vulnerable to rising rates and economic pressures, limiting its short-term upside.

Silver was lower on Wednesday as traders continued to respect the resistance zone at $31.44 to $31.74. The 50-day moving average comes in at $31.79. A breakout over this level could produce an acceleration to the upside. Additional resistance is $33.99 to $34.26. The best support is $28.97 to $28.76.

Rangebound Platinum Waiting for Catalyst to Drive Volatile Rebound

Platinum’s chart pattern suggests traders are trying to form a support base, however, the absence of a strong catalyst means prices could remain rangebound over the near-term.

The key support zone is $945.97 to $935.23. Resistance is a combination of the retracement zone at $974.95 to $985.42 and the 50-day moving average at $985.22.