In an unprecedented surge, gold prices soared past $4400 per ounce for the first time ever on Monday, fueled by expectations of impending US interest rate cuts and robust demand for safe-haven assets. The price of silver also reached a record high, hitting $69.44 per ounce, marking a significant day for precious metals markets.
US gold futures climbed to $4430.30 per ounce, reflecting the intense buying pressure. Since the beginning of the year, gold has risen by an astounding 67%, positioning it for its most substantial annual gain since 1979. Silver has experienced an even more dramatic rise, jumping by 138% over the same period.
Several factors are contributing to gold’s meteoric rise. Geopolitical and trade tensions are driving investors towards safer assets. Central banks are actively purchasing gold, further increasing demand. Additionally, a weaker US dollar makes the precious metal more affordable for holders of other currencies, boosting international demand.
The rally extends beyond gold and silver. Platinum and palladium also reached multi-year highs, increasing by 4.3% and 4.2% respectively, indicating broad strength across the precious metals complex.
DZWatch will continue to monitor these developments closely and provide updates as the market evolves. The surge in precious metal prices reflects a complex interplay of economic and geopolitical forces, and investors are advised to exercise caution and conduct thorough research before making investment decisions.
This historic milestone underscores the continued importance of gold as a store of value in an uncertain global environment.
