Gold surges straight to $5,240 per ounce, while silver jumps 17% during the Spring Festival period

LightningPacketLoss · 2026-03-10T18:48:08+00:00

On February 24th, precious metals prices surged, with spot gold and silver both reaching their highest levels in three weeks. Global capital markets generally rose, and investors focused on "Doomsday Doctor" Schiff's predictions, expecting gold prices to rise to $7,000 and believing the United States will face a severe economic crisis. He recommends increasing holdings of gold and silver.

LightningPacketLoss

2026-03-10 18:48:08

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Reporter | Liu Xueying

In early trading on February 24, Beijing time, precious metals surged sharply at the open.

Spot gold broke through $5,240 per ounce, reaching a three-week high, while New York futures gold surpassed $5,260 per ounce, with both rising nearly 0.3% and 0.7%, respectively.

Spot silver rose over 0.6%, staying above $88 per ounce, and New York futures silver increased 2% intraday, trading above $89 per ounce.

During the Year of the Horse Spring Festival holiday, most global capital markets rose, with indices in South Korea, the UK, France, and other countries hitting record highs. International gold, silver, and oil prices surged significantly, with silver rising nearly 17%.

According to the Daily Economic News, “Doomsday Doctor” Peter Schiff predicted gold prices would hit $7,000, replacing the dollar as the new anchor asset. The driving forces behind this are central banks worldwide increasing gold holdings and expanding U.S. fiscal deficits. He believes the surge in gold prices signals that the U.S. will face a complex crisis far beyond 2008, triggered by the resonance of sovereign credit, U.S. debt, and dollar crises. Additionally, he stated that the new Federal Reserve chair could become a Trump puppet, cryptocurrencies are Ponzi schemes, and advised investors to continue increasing their holdings of gold and silver.

(Edited by: Wen Jing)

Keywords: Gold Silver

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