Gold rebounded from earlier losses on Friday (October 10th) and is on track for its eighth consecutive weekly gain, driven by widespread political and economic uncertainty and expectations of further US interest rate cuts, while silver is nearing a record high. Spot gold, which hit a record high of $4,059.05 on Wednesday, rose 0.6% to $3,998.02 an ounce by 11:12 GMT – a gain of 2.9% so far this week. US gold futures for December delivery rose 1% to $4,012.30. Non-yielding bullion is traditionally considered a hedge during times of broader uncertainty. "Gold is no longer just a defensive...
Silver surged toward an all-time high above $50 an ounce as a historic squeeze deepened in the London market. Spot prices rose as much as 3.7% to above $51 an ounce before paring some gains, while one-month borrowing costs for the precious metal in London hit a year-to-date record of 35%. Gold and palladium also rose. Silver is up more than 70% this year, far outpacing gold, as investors seek safety amid US fiscal uncertainty, concerns over an overheated equity market, and threats to the Federal Reserve's independence. Earlier this year, concerns that the US could impose tariffs on silver...
Gold price rises during the North American session on Friday amid an escalation of the trade war between the US and China. This, the US government shutdown and expectation for further easing by the Federal Reserve (Fed) keep the yellow metal bid. XAU/USD trades at $3,997, up 0.60%, at the time of writing. Bullion's boosted by escalating tariff threats and prolonged Washington deadlock reigniting risk aversion Risk aversion is the name of the game after US President Donald Trump warned of possible fresh duties on China, as the latter threatens to impose export controls on rare earths. Trump...