Precious metals are surging toward monthly highs, outperforming stagnant cryptocurrency and equity markets. Gold climbed over 1% today, nearing a seventh consecutive monthly gain, and has recovered nearly 8% since mid-February.
This rebound echoes earlier safe-haven demand seen in January, when geopolitical tensions drove gold to an all-time high. After a sharp pullback in early February, both gold and silver have seen significant recoveries. Silver, in particular, rose over 6% today, setting a new monthly high.
Platinum and palladium also posted gains, tracking toward monthly advances. This performance stands in contrast to digital assets and traditional stocks. Bitcoin has been range-bound near $65,000, while US equities, including the S&P 500 and Nasdaq, are under pressure.
Weakness in mega-cap tech stocks, including Nvidia, Meta, Amazon, and Alphabet, is contributing to market declines. Investors are reportedly concerned about significant planned AI capital expenditures, projected to exceed $770 billion by 2026.