The precious metals market witnessed a significant rally early Friday, particularly in gold and silver, drawing heightened attention and caution from analysts. Silver approached a near two-year high, touching just below $30 an ounce, marking an almost 6% increase during the session, before receding to $28.44. Gold also saw a notable rise, surpassing $2,400 an ounce, but later pulled back to $2,384.70. Analysts attribute these surges to escalating geopolitical tensions and persistent inflation concerns, which are encouraging investors to seek refuge in gold and silver. Despite the optimism, experts like Bart Melek of TD Securities advise against buying at these levels due to potential volatility and suggest that the current spike might be an opportune moment for profit-taking. Additionally, while the outlook remains generally bullish, the markets are reminded of the inherent risks in pursuing too aggressively during such volatile spikes.
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