Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver, and platinum, as well as key correlated assets.

Gold Market

Gold prices have re-accelerated aggressively to open the final trading week of February, breaching $5100/oz shortly after markets re-opened on Sunday evening and facing little resistance, reaching back above $5200 in the first half of New York trading. The fundamentals behind the yellow metal’s consolidation around the psychological level of $5000 allowed this strong start to happen, but the clear, singular driver on Monday is an aggressive risk-off swing resulting from both worsening tensions between the US and Iran as the former floods military material into the Middle East, and (most acutely) the US administration doubling-down on the severity of its proposed trade tariffs despite the SCOTUS ruling of such actions by the executive branch as unconstitutional. With a light slate of macroeconomic data on offer this week, we will look for these developing stories to have the dominant impact on metals markets heading into the final stretch of Q1. Public commentary from key FOMC officials will grab attention, particularly in light of last week’s FOMC meeting minutes, which outlined a split within the committee about when to next cut rates. And the US State of the Union address scheduled mid-week is expected to be used as a bully pulpit to announce the executive branch’s further reactions to its defeat before the Supreme Court.

Silver Market

Spot silver is less active today, in part because silver, while not a “base metal,” is still possibly subject to theoretical tariff increases that could hamper liquidity. Whereas investors in gold look to push beyond $5200, the silver market continues to consolidate around the $86 peak of last week. Because of its industrial use profile, silver may be more sensitive this week to rhetoric around steeper tariffs on manufacturing inputs, so we will keep an eye out for increased volatility in prices around the State of the Union and any other developments.