New Delhi: Gold prices climbed past $4,500 per ounce, a level never seen surpassing on Wednesday. Silver moreover hit new record highs, with both metals drawing strong demand from investors seeking safer places for their money. Analysts say expectations of future cuts in US interest rates and a weaker dollar have made bullion increasingly attractive.
How much have prices risen?
Spot gold rose whilom $4,500, while silver pushed past $71 an ounce in global trading. Both metals have shattered older records this year as buyers step into precious metals tween economic stress.
What' overdue the strong investor interest?
Experts say several forces are at play:
- Safe-haven demand: With global markets jittery, investors are moving money into gold and silver.
- Interest rate expectations: Traders are betting that the US Federal Reserve will cut rates next year. Lower rates reduce returns on immuration and make non-yielding resources like gold increasingly appealing.
- Dollar weakness: A softer US dollar makes metals priced in dollars cheaper for holders of other currencies.
Are other metals moreover rising?
Platinum and palladium moreover climbed to record levels as demand for precious metals broadens vastitude gold and silver. Spot platinum was up 2.9 per cent at $2,342.25 per ounce, without rising to an all-time upper of $2,347.40, while palladium rose nearly 3 per cent to $1,919.69 per ounce, a three-year peak.
