Silver outran gold on the bounce as the gold–silver ratio tightened toward 86, with Comex prints near $52.80 and coin premia firming alongside modest ETF inflows into white-metal sleeves.

Official accounts kept adding gold on dips, with EM treasuries still diversifying reserves; that steady bid helped limit drawdowns while futures positioning swung on macro headlines.

TIPS yields drifted lower while the dollar gave back ground, cutting the opportunity cost of holding gold and nudging listed bullion products higher alongside a modest decoupling from pure risk-beta.

Tail-risk headlines around sanctions and shipping lifted the floor under gold as desks kept hard-asset hedges on, while physical channels saw longer settlement checks and firmer loco spreads.

Output guidance stayed flat while diesel and labour nudged AISC higher; majors remain in the money at spot, with scrap and recycling rising slightly but not flooding the physical market.