Precious Metals Rally: Gold Near Record Peak and Silver Breaks $90 Barrier
Gold prices moved close to unprecedented highs on Wednesday after softer-than-expected U.S.
inflation data strengthened expectations for interest-rate cuts.
Spot gold climbed 0.6 percent to $4,615.85 an ounce, approaching the previous session’s record of $4,634.33, while February futures rose to $4,624.
The Consumer Price Index showed a monthly increase of 0.2 percent and an annual rise of 2.6 percent, below market forecasts, boosting bets on monetary easing.
Silver delivered a historic performance, surging above $90 an ounce for the first time, as platinum advanced to $2,405 and palladium to $1,873.
Analysts attribute the rally to geopolitical uncertainty and a softer dollar that increased demand for safe-haven assets.
Major investment banks expect two rate reductions this year, a scenario that could provide further tailwinds for precious metals in the coming months.
inflation data strengthened expectations for interest-rate cuts.
Spot gold climbed 0.6 percent to $4,615.85 an ounce, approaching the previous session’s record of $4,634.33, while February futures rose to $4,624.
The Consumer Price Index showed a monthly increase of 0.2 percent and an annual rise of 2.6 percent, below market forecasts, boosting bets on monetary easing.
Silver delivered a historic performance, surging above $90 an ounce for the first time, as platinum advanced to $2,405 and palladium to $1,873.
Analysts attribute the rally to geopolitical uncertainty and a softer dollar that increased demand for safe-haven assets.
Major investment banks expect two rate reductions this year, a scenario that could provide further tailwinds for precious metals in the coming months.
