Gold and silver have indeed gone crazy this round. Continuing from your earlier question about the US-Iran situation—it's that issue causing the chaos.

The immediate trigger is **another explosion in the Middle East**. As the US-Iran conflict escalates, funds are fleeing into safe-haven assets, and hard currencies like gold are being bought up rapidly. Yesterday, spot gold surged over $80 in one go, directly reaching $5360 per ounce. Silver was even more aggressive, spiking over 7% intraday.

But just the war isn't the only factor; there are several strong logical supports:

One is **the return of rate cut expectations**. The market widely bets on two or three rate cuts this year. When interest rates go up, the opportunity cost of holding gold decreases, making it more attractive.

Another is **central banks keep buying**. Global central banks have been net buyers of gold for 16 consecutive years, with forecasts for 2026 alone predicting an additional 755-800 tons. China's central bank has also been steadily increasing its holdings, which solidifies a "bottom" floor for gold prices.

Honestly, this recent volatility is quite frightening—just a few days ago, it dropped 6%, then rebounded again, with daily swings of hundreds of dollars, almost like playing a game. Analysts are saying that in the short term, it depends on how Iran responds—if they really mobilize Houthi forces and Hezbollah, gold prices could surge; if things calm down, the premium will quickly fade.

Anyway, in this market, chasing highs isn't very advisable, but those holding positions probably can't sleep peacefully either.