On May 8, 2026, global precious metals hit new highs: Spot gold surpassed USD 4,700/oz, COMEX gold rose above USD 4,710/oz (up >0.2% intraday); spot silver strengthened to USD 79/oz (up nearly 1.8%), extending a bull run.

Key drivers included four factors. First, geopolitical risks escalated in the Strait of Hormuz, boosting safe-haven demand for gold. Second, global central banks kept buying gold; the PBoC has increased reserves for 18 consecutive months, with others diversifying into bullion. Third, a weaker U.S. dollar and Fed rate cut bets reduced dollar appeal, driving flows into metals. Fourth, inflation concerns persisted amid rising energy prices (WTI crude up 4% to USD 98.62/bbl), burnishing gold’s hedge appeal.

Higher gold prices boosted miner profits and the broader sector, while increasing the value of official gold reserves and financial resilience. However, elevated volatility warrants caution on short-term corrections.

With geopolitical tensions, central bank buying, and dollar weakness likely to persist, precious metals are expected to remain strong, with gold eyeing fresh records.