Gold prices surged above $3,400 an ounce on 28 Aug., putting the metal within reach of a new record and sending the SPDR Gold Shares ETF toward its strongest weekly close since early June. Chart technicians flagged a potential breakout pattern after gold held a tight range for months. Silver rallied alongside gold, climbing past $39 an ounce and extending its year-on-year gain to roughly 34 percent. The iShares Silver Trust broke out to a fresh cycle high after clearing a two-year trading range. Strategists said the advance is being supported by steady sovereign purchases and the historically strong seasonal period for bullion that begins in September. Light futures positioning, they added, could leave room for further upside if momentum builds.