Gold climbed again Friday as growing worries about a potential U.S. government shutdown and persistent geopolitical strains sent investors back to traditional safe havens, pushing Comex futures higher and rekindling talk of another leg up in the precious-metals complex. Spot gold traded roughly 1.1–1.2% higher near $3,930 an ounce, while Comex futures ended the week up 2.77% at $3,880.80 after a series of daily gains.

RHB Retail Research’s Joseph Chai captured the market’s mix of momentum and caution, saying in a research note, "If this momentum follows through, Comex gold futures will probably test resistance at $4,000/oz." Chai added that a deeper shock — a sharp global growth downturn, a major geopolitical rupture or a clear policy pivot by the Federal Reserve — may be required for gold to "convincingly vault beyond" that level.

For portfolio managers and commodity traders, the sharper question is not whether gold can climb higher but which asset will amplify the move. That spotlight has turned to silver. Historically, silver exhibits greater volatility than gold and often posts larger percentage gains during bullion rallies. Market participants point to the metal’s dual role — as both a store of value and an industrial commodity — as a structural reason why silver can outperform on the upside.

“The silver market is smaller and tighter than gold’s,” said one London-based metals trader. “When safe-haven flows accelerate, the price action in silver tends to be more dramatic because there’s less paper and physical liquidity to absorb buying.”

That liquidity dynamic has been on display in recent months in retail demand for physical coins and bars and in the flows into silver-backed exchange-traded products, which can create short-term dislocations between futures and spot markets. If gold’s momentum persists and investor flows broaden, silver could see outsized moves simply because smaller net buying is required to move prices.

But silver’s industrial link also complicates the bullish case. A severe global growth slowdown, one of the scenarios Chai cited as a catalyst for an unchecked gold run, would likely dent industrial demand for silver — used in electronics, photovoltaics and automotive components — and could blunt silver’s upside even as gold soars. Conversely, demand tied to decarbonization and green technologies, particularly for photovoltaic cells, is a long-term tailwind that could tighten markets over time if supply doesn’t keep pace.

Monetary policy remains the other key variable. A Fed pivot toward easier policy or an abrupt drop in real yields would strengthen both metals; a durable tightening cycle, by contrast, typically puts downward pressure on precious metals. Treasury market moves and the dollar’s direction will therefore be watched closely in the coming weeks.

For investors, the calculus is clear: silver offers higher beta to a gold rally and the potential for larger percentage gains, but it carries added sensitivity to global growth and industrial cycles. As gold tests resistance near $4,000 an ounce, traders will be watching whether flows into silver and physical tightness translate momentum into a sharper advance or expose the metal to a deeper reversal.