Emre Yumlu 
Gold prices have delivered a powerful rally amid rising global uncertainty, but after reaching record levels, the market has entered a short-term consolidation phase. As investors lock in profits, prices are hovering just below their historic highs, signaling a pause rather than a reversal in the broader trend.
Gold hit an all-time high of $4,629.94 per ounce on Monday before experiencing a modest pullback on Tuesday. Spot gold stabilized around $4,593.81, while US gold futures for February slipped by 0.3% to $4,602.70. Despite the retreat, price action remains firm near peak levels.
Profit-Taking Drives Short-Term Consolidation on Gold
Market analysts largely agree that the recent pullback reflects routine profit-taking following an aggressive upward move. Rather than signaling a shift in momentum, the decline is seen as a technical pause. Previous dips have been met with strong buying interest, suggesting that investor appetite for precious metals remains intact.
This behavior indicates that the underlying bullish structure is still in place, with short-term corrections serving to reset positioning rather than undermine the broader uptrend.
Safe-Haven Demand Remains Strong
Gold’s recent surge was fueled by renewed demand for safe-haven assets. In the prior session, prices climbed more than 2% after comments from US President Donald Trump regarding a potential criminal investigation involving Federal Reserve Chair Jerome Powell heightened political uncertainty.
Such developments have reinforced investor concerns around institutional stability, prompting capital flows into traditional stores of value like gold.
Geopolitical Risks Continue to Support Prices on Gold ve Silver
Geopolitical tensions are also playing a central role in sustaining demand. Trump’s warning of a possible 25% tariff on countries trading with Iran, along with Washington’s consideration of responses to large-scale anti-government protests in Iran, has increased global risk perception.
Additional uncertainty stemming from Trump’s stance on Venezuela’s President Nicolas Maduro and remarks regarding Greenland have further contributed to a fragile geopolitical backdrop. Combined with a low interest rate environment, these factors continue to favor non-yielding assets.
Banks Raise Precious Metals Forecasts
Reflecting this environment, major financial institutions have upgraded their outlooks for precious metals. Citi raised its 0–3 month price target for gold to $5,000 per ounce and lifted its silver forecast to $100 per ounce, citing strong investment demand and tightening physical supply conditions.
Silver Outperforms as Other Metals Retreat
Silver recently reached a record high of $86.22 per ounce and continues to trade near elevated levels, rising 0.6% to $85.42. In contrast, platinum slipped 0.7% to $2,327.43, while palladium declined 1.4% to $1,817.21.
Overall, the outlook suggests that while short-term volatility may persist, the primary trend across precious metals remains firmly intact.
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