Forex Today: Silver Leaps Beyond $40 To New Record High

2025-09-02 02:28:35

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The precious and industrial metal Silver has risen strongly to a new record high well above $40 during today's Asian session.

The standout story as the new week and month begins is the spectacular rise of Silver during the Tokyo session. It remains near its high of the day, which at the time of writing is $40.54. Trend and momentum traders will likely be interested to be long here.

Gold is also rising firmly after Friday's record high close, and looks set to test its all-time high later today at about $3,500. The length of the build-up suggests that this bullish breakout might really go far. Trend traders will be interested to be long here also.

Other precious metals such as Platinum and Palladium are also rising today, although the rises here are well off recent highs and the momentum is softer. It seems that precious metals are doing well today as an asset class at least partly because of developments in the USA regarding President Trump's new tariffs. It also seems to be having the effect of putting pressure on the US Dollar.

The Forex market remains mostly uninteresting with low volatility and little significant directional movement. Prices have barely changed over today's Asian session. However, the US Dollar's price action is looking weak and heavy, so I expect a decline in its value is likely over this week.

It is a public holiday today in the USA and Canada, so many markets may see thin liquidity. We can expect a lot of flows in US markets tomorrow.

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