Gold Surges to $3,399 as Silver and Platinum Rally Amid Tariffs and Fed Bets | August 22
Gold continued its upward climb on Friday, closing at $3,399 and adding nearly 1% to its weekly gains. The rally was fueled by heightened demand after new U.S. tariffs on gold bars sparked volatility, encouraging buyers to flock toward physical bullion. Central banks have also been a major driving force, accelerating their purchases with holdings now up an impressive 70% year-to-date among key buyers.
Silver also saw strong momentum, finishing the week at $38.32. The metal rose around 3% compared to last week, supported by growing expectations of a Federal Reserve rate cut and the weakening U.S. dollar. This combination has attracted both institutional and retail investors, helping silver gain traction as a safe-haven and industrial asset.
Platinum rounded out the week at $1,363, the highest level recorded during the five-day trading window. Despite some profit-taking pressure, the metal managed to stay above recent lows, showing resilience amid shifting market sentiment.
Overall, the precious metals market is seeing renewed investor interest, with gold leading the charge as central bank buying and tariff-related headlines add fuel to the rally. Silver and platinum, while influenced by different factors, continue to reflect the broader trend of investors turning to hard assets during times of uncertainty.
