The surge in gold prices above $4,000 per ounce is influencing other precious metals like silver, platinum, and palladium. Despite gold being the worst performer this year, platinum leads with an 83.6% rise. Investors are turning to precious metals amid economic uncertainties and fears of U.S. currency debasement by the Trump administration.

Investors are embracing the “debasement trade” and turning to precious metals as a safer store of value amidst global economic and political shakeups. Gold overtook the euro as the second biggest reserve asset in 2024. Central banks are increasing their gold holdings, with gold accounting for a record high of 24% of total assets.

Analysts expect further gains for gold but anticipate a deceleration in the rally as prices incentivize new mines. HSBC raised its silver price forecast to $44.50 per ounce in 2026 due to record-high gold prices. Platinum is expected to outperform due to its discount compared to gold and potential investment incentives in new mines.

Read more at Yahoo Finance: Dollar anxiety drives precious metals rally as gold trade gets crowded