Gold and silver prices rose sharply in early U.S. trading on Monday, with gold hitting a six-week high at $4,283.40 and silver reaching a record high of $58.61 overnight before settling at $57.77.

The surge was attributed to increased safe-haven demand, driven by jitters in the Japanese bond market and broadly weaker global stock markets.

Chart-based buying also played a role, as technical indicators for both metals turned more bullish in the near term.

Safe-haven demand and global market impact

Investor anxiety over Japan’s bond market spilled into global equities, with U.S. stock indexes expected to open lower.

The U.S. dollar index also weakened, while crude oil prices firmed around $59.25 a barrel.

The yield on the benchmark 10-year U.S. Treasury note stood at 4.04%.

Political and economic developments

In U.S. political news, President Trump announced he has chosen a nominee for the next Federal Reserve chair, expected to deliver interest-rate cuts.

Trump’s chief economic adviser, Kevin Hassett, is viewed as the likely candidate to replace Jerome Powell, whose term ends in May.

Any nominee will require Senate confirmation for a 14-year Fed governor term, if an outsider is selected.

Technical outlook for gold and silver

February gold futures bulls are targeting a close above the contract high of $4,433.00, with first resistance at $4,300.00.

Support is seen at $4,241.10 and $4,200.00, and Wyckoff’s Market Rating stands at 8.0.

For March silver futures, bulls hold a strong advantage, aiming to break resistance at $60.00.

Support levels are at $56.85 and $56.00, with Wyckoff’s Market Rating at 9.5.

Additional economic context

Other global developments include OPEC-plus maintaining a pause in crude oil production increases through early 2026 and China reporting continued contraction in factory activity for an eighth consecutive month.

U.S. retail sales on Black Friday rose 4.1% year-over-year, reflecting consumer resilience despite ongoing economic concerns.