Metals Are Rising: Gold, Silver, and Platinum Prices Spike.

Gold prices have been rising for the third consecutive day on Wednesday, reaching a weekly peak. This happened due to the weakening dollar and increased demand for safe assets amid economic and geopolitical uncertainty.

The cost of gold in the USA increased by 0.7% to $3312.51 per ounce. Futures for gold in the United States also rose by 0.9% to $3315.60, according to Reuters.

The dollar lost 0.6% of its value compared to other currencies, making gold more accessible for foreign currency holders.

Wall Street indexes declined, and government bond yields rose due to investors' concerns over President Donald Trump's tax reduction bill.

'We are almost in a temporary pause between the peak and the recent low, waiting for the development of trade and tariff agreements,' noted Daniel Pavilonis, senior market strategist at RJO Futures.

According to economic experts at Reuters, the prospects for economic growth in the USA remain weak despite some easing in trade disputes between the USA and China.

Additionally, CNN reported on Tuesday that Israel is preparing to strike Iranian nuclear facilities, despite negotiations between the Trump administration and Iran.

Gold continues to remain a safe asset in times of economic turbulence. Prices for this metal reached record values last month, exceeding $3500 per ounce.

Analysts at ANZ believe that a slight decline in gold prices could attract more investments as economic and geopolitical uncertainty continues.

Silver rose by 1% to $33.40 per ounce. Platinum prices increased by 2.1% to $1075.59, reaching a peak since May 2024. Palladium also rose by 1.8% to $1031.05, marking a level not seen in more than six months.

Market analyst at City Index and FOREX.com, Fawad Razakzadeh, noted that China imported the largest amount of platinum last month for the year, while palladium rose due to a lack of concerns regarding demand.