Spot gold rises 3.0% to $4,048.1/oz; silver up 4.5%

The scale of the move, not the direction, is the story here: a 3.0% single-session gain in gold is unusual, and silver's 4.5% advance outpacing it suggests a broader precious-metals bid rather than an isolated gold trade. Silver's larger percentage move points to the higher-beta nature of the metal, which typically amplifies shifts in the complex in both directions. The material offers no catalyst, so the open question is whether this is a one-session repricing or the start of a sustained reallocation — and whether silver's outperformance persists relative to gold.