Core Insights - Gold prices have risen for five consecutive days, approaching a new record, driven by investor concerns over technology stock valuations and US borrowing costs [1] - Gold has surged approximately 65% this year, while silver has more than doubled, marking their best annual performances since 1979 [5] Market Trends - Bullion prices increased by as much as 1.2%, marking the longest winning streak since the lead-up to an all-time high in October [2] - The correlation between gold and stocks has increased in recent months, with gold often viewed as a hedge against equity downturns [2] Economic Indicators - Expectations of Federal Reserve interest rate cuts next year will influence bullion price forecasts, with weak US non-farm payroll numbers potentially leading to further reductions [3] - President Trump has called for aggressive rate cuts and expects the next Fed chair to consult with him on monetary policy [4] Central Bank Activity - Goldman Sachs analysts predict continued central bank buying will support gold prices, forecasting an increase to $4,900 by the end of 2026, with average monthly purchases of 70 tons [6] - ANZ Group analysts expect gold prices to peak near $4,800 in the first half of 2026, supported by resilient investment flows and central bank buying [7] Silver Market Dynamics - Silver has recently benefited from speculative bets on supply tightness following a historic squeeze, with a record price of $64.6573 per ounce [8] - The silver market is expected to remain supported by a deficit, resilient industrial demand, and uncertainties surrounding US import policy [8]