Silver’s in the spotlight as prices rally nearly 6% Friday, but it’s still gold’s show

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Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted the entire precious metals complex is seeing broad-based gains. Platinum has pushed to a one-year high; July platinum futures last traded at $1,094 an ounce, up more than 2% on the day. Mike McGlone, senior market strategist at Bloomberg Intelligence, said he still likes gold as a safe-haven asset, especially as the U.S. market looks overstretched and due for a correction.is if investors start to take profits in copper. He explained that lower copper prices would weigh on the white metal.

“The Federal Reserve's shift in rhetoric, particularly if it leads to a rate cut or a clear reduction plan, is expected to push gold prices upward. The escalation of the conflict in the Middle East will also support gold. As geopolitical risks grow, investors will buy even more gold, boosting the price,” she said.

The highlight of the week will be the minutes from the Federal Reserve’s monetary policy meeting that wrapped up May 1.

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