Precious metals are returning to monthly highs as Bitcoin nears $65K and the major indexes retreat.
Gold is up more than 1% on the day and up nearly 8% since mid-February, extending its recovery as crypto and equity markets cool.
The metal touched $5,250 earlier today, heading for a seventh monthly gain. Gold previously hit a record high near $5,600 in late January amid escalating geopolitical tensions between the U.S. and Iran, fueled by Iran’s crackdown on protests, threats of U.S. intervention and a military buildup, fueling demand for the safe haven.
After peaking in January, the metals retreated sharply at the start of February. Gold is down more than 21% from its high of $4,400, while silver is down nearly 46% from $121 to $64. Both have since recovered. Silver rose more than 6% on the day to near $94 and has climbed more than 28% since mid-February to set a new monthly high.
Spot platinum rose 3.5% to $2,352 an ounce, while palladium rose 0.1% to $1,785, with both metals tracking the monthly advance.
The rebound in metals contrasts with the stagnation in digital assets and stocks. Bitcoin has been between $65,000 and $70,000 throughout February after briefly falling below $60,000 at the beginning of the month. At press time, Bitcoin was trading near $65,500, down 2.8% on the day.
US stocks also remained under pressure. The S&P 500 fell 0.8%, while the Nasdaq fell 1.1%, offsetting weakness in mega-cap technology stocks.
Shares of Nvidia have fallen nearly 9% since Wednesday, falling below $180 despite an earnings report that beat expectations. Weakness has spread across mega-cap tech names including Meta, Amazon and Alphabet, with investors worried about the scale of planned AI spending. This spending plans to reach $770 billion in 2026.
