Gold Holds Near $5,400 as Rally Enters Volatile Phase; Silver Up 50% YTD

Gold (GC=F) trades near $5,400 per ounce after retreating from a Thursday peak above $5,600, while silver (SI=F) stabilizes following volatile swings, as the broader metals rally faces resistance amid dollar rebound and equity sell-offs. The pullback coincides with tech-led stock declines post-Microsoft earnings and a bounce in the US dollar (DX-Y.NYB) from its lowest level since early 2022. Saxo Bank’s Ole Hansen warns the rally is entering a “dangerous phase” due to self-feeding volatility and thinning liquidity. Gold is up ~20% YTD; silver has surged ~50%. Goldman Sachs maintains a $5,400 year-end target for gold, citing private investor inflows. JPMorgan notes silver’s parabolic rise has far exceeded forecasts, making tops difficult to call.