Two officials dissented, arguing inflation remains too elevated to justify easing, highlighting how finely balanced the policy debate has become.
Markets are currently pricing in two rate cuts next year, with the upcoming non-farm payrolls report viewed as a key test of those expectations. Any signs of labor market cooling would likely keep front-end yields capped, a backdrop that historically supports non-yielding assets such as gold.
Structural Demand and Institutional Support
Beyond monetary policy, longer-term demand drivers remain supportive. Silver continues to benefit from tight global inventories, strong industrial demand, and its inclusion on the US critical minerals list, which has increased its strategic relevance.
Year-to-date gains of more than 100% reflect the convergence of physical demand and financial inflows.
At the same time, institutional developments are adding to the constructive outlook. India’s decision to allow pension funds to invest in gold and silver ETFs could expand the investor base and encourage higher allocations within diversified portfolios.
Short-Term Forecast
Gold eyes $4,355–$4,395 while holding $4,300 support; silver stabilizes near $62.65, targeting $63.80–$65.55 if $61.45 support holds amid softer dollar and muted Treasury yields ahead of key US jobs data.