Welcome back to Goldbank Insider, the UK podcast where we turn the day’s biggest precious-metals story into what it means for UK investors. Gold, silver, and platinum pushed to fresh all-time highs as investors rotated away from US assets amid geopolitical tension and economic uncertainty, with a weaker US dollar adding fuel to the move.

What happened

• Gold hit a new record high around $4,966.59/oz, then held near $4,957/oz.

• Silver surged to a record around $99.34/oz, trading near $98.87/oz.

• Platinum touched a record around $2,684.43/oz, trading near $2,650.90/oz.

• The US dollar index hovered near a more-than-2-week low after falling about 1% this week, which makes dollar-priced metals cheaper for non-US buyers.

Why it matters for the UK

1. The currency lens matters

UK buyers feel metals through the GBP price. When the dollar weakens, it can soften the move in GBP terms if sterling is firm — but if markets are in full risk-off mode, gold can rise in both $ and £ anyway. The key point: FX can either amplify or dampen what you see on a UK bullion screen.

2. This is not just “gold hype” anymore

Silver is being pulled along by its industrial story (solar, electronics, broader electrification), while platinum has its own supply-demand dynamics. When all 3 are ripping at once, it usually signals a macro-driven move — money is looking for “hard” assets.

3. Rates expectations are part of the tailwind

Markets are pricing US rate cuts later in 2026. Lower expected real yields typically support non-yielding assets like gold.

What’s driving the rally right now

• Confidence shock: geopolitics and policy uncertainty are pushing investors to diversify away from US risk.

• Dollar effect: a softer dollar boosts precious metals in $ terms and encourages global demand.

• Momentum: once records break, trend-following flows can accelerate moves quickly — especially in silver and platinum.

Key levels to watch next

• Gold: whether it can hold above the prior breakout zone near $4,900 and keep printing higher highs.

• Silver: $100 is the psychological line — if it holds above that level, volatility can spike.

• Platinum: watch if it consolidates above $2,600 after tagging new highs.

What could cool it down

• A sudden rebound in the US dollar

• A meaningful de-escalation in the geopolitical narrative

• A sharp “risk-on” reversal that pulls money back into equities and credit

UK takeaway

If you’re UK-based, don’t just watch the spot price in dollars — watch the GBP price and the sterling-dollar move. This rally is being driven by macro confidence and currency dynamics, not a single supply headline.

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