Forex Today: Silver Touches $117

Gold and Silver continue rising strongly to new record highs with Gold breaking $5,100 and Silver breaking $117.

1. Precious metals remain very much in focus as Silver continues to make massive gains, and Gold rises to trade above $5,100 after easily breaching the psychologically significant round number at $5,000 earlier this week. Many analysts see these continuing bullish movements as caused by a perfect storm of fear of erratic US leadership/policies, trend FOMO, weak monetary policies, and geopolitical tensions over Iran. Whatever the reason, being long of precious metals, especially Gold and Silver, has been the most profitable trade available in recent months, and trend traders will be happily long. Silver saw a wild rise to $117 yesterday followed by a strong drop of more than 8%, before starting to gain again. We are also seeing Platinum, and to a lesser extent Palladium, rise firmly to trade at new record highs, so trend traders will be interested in being long here too.
2. Despite geopolitical tensions over war and trade, stock markets mostly traded higher yesterday, with the S&P 500 Index looking more bullish and rising to test its record high confluent with the major round number at 7,000. A daily close above this psychological level could signify that the Index is ready to go on to make substantial gains after trading mostly sideways so far in 2026.
3. In the Forex market, since today's Tokyo open, the market has been much quieter. Yesterday saw a major bullish breakout triggering long trend trades in the EUR/USD but September's high just above $1.1900 remains intact, while trend traders will yesterday have exited from a slow but long-term long position in the USD/JPY currency pair.
4. After President Trump threatened Canada with a new 100% tariff over a potential major trade deal with China, Canadian PM Carney has publicly backed out of the deal. However, this has not affected the value of the Canadian Dollar in any notable way.
5. After many years of negotiation, India and the EU have finally announced a trade deal, which. However, this seems to be having little effect upon the Indian Rupee.
6. President Trump has threatened to impose a new 25% tariff on certain South Korean goods, stating the South Korean Parliament's unwillingness to speedily ratify the negotiated trade deal between the two countries. This is a tactic to get the South Korean Parliament to hurry up and ratify it.
7. The USA and its allies in the Middle East have completed defensive preparations for a war with Iran, with some analysts in the region seeing a good chance that war will break out over the coming weekend. However, prediction markets suggest this is a highly unlikely development, and any war is still at least several weeks away, with prediction markets seeing a March war as the most likely outcome. Some airlines have cancelled flights to the region. More reports are emerging from credible sources within Iran that the regime may have killed over 30,000 protestors, with some analysts measuring it as the fastest and most widespread killing since the Rwandan genocide of 1994. If Iran agrees to halt its nuclear and missile programs and to stop funding groups such as Hamas and Hezbollah, it seems the USA will back off.
8. There are no high-impact data releases due today, but early tomorrow there will be a release of Australian CPI (inflation) data which is expected to show a tick higher in the annualized rate from 3.4% to 3.5%.
9. Tomorrow we will see policy meetings at the US Federal Reserve and at the Bank of Canada. Both are strongly expected to leave interest rates unchanged.