According to Bank of America's Hartnett, the biggest risk currently stems from the rapid appreciation of the Japanese yen, South Korean won, and New Taiwan dollar, which could lead to a reversal of capital outflows in Asia and pose a threat to the liquidity environment in global markets. Hartnett is optimistic about the long-term prospects for international equities and gold, with China being his most favored market. He also predicts that gold may break through its historical high, reaching over $6,000 per ounce.

Gold hit a new high on Wednesday, extending its recent rally as investors seek haven amid a flurry of political and geopolitical headlines.

Silver declined as investors prepared for the annual rebalancing of commodity indexes, which will involve the sale of futures contracts worth billions of dollars over the next few days.

Silver's performance over the past year has been nothing short of spectacular.

Gold prices could break above US$5,000/oz this year and potentially climb even higher if political or financial risks escalate, according to a UBS analysis that remains constructive on the metal amid its strong rally so far in 2026.