Silver and gold prices stage a cautious rebound — but analysts see slim hopes for a sustained rally

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Precious metals have rallied in recent days after a sustained period of selling pressure, but analysts say gold and silver prices could face a difficult path back to all-time highs achieved earlier this year. Spot silver traded at $59.47 an ounce in early trading on Wednesday (6:33 a.m. ET), up by around 6.3% from $55.9/oz at the end of last week. Spot gold traded around 2.4% higher over the same period at $4,119.04/oz. In a Wednesday note, ING commodities strategists Warren Patterson and Ewa Manthey attributed gains to “bargain hunting after recent weakness” rather than “a material shift in the geopolitical or macroeconomic backdrop.”