Silver prices rose to record levels as the market grew more confident that the Federal Reserve would cut interest rates further next year, coupled with the escalating geopolitical situation. Gold also gained slightly, as these two factors typically drive investors to seek "safe haven" assets.
Silver rose 0.5% to reach $67.4954 per ounce. This increase was supported by speculative inflows and still-tight supply following a major short squeeze in October.
Silver trading activity also increased. Total silver futures trading volume in Shanghai surged earlier this month, approaching levels seen during the "crunch" several months ago.
Meanwhile, spot gold was around $4,345 per ounce, just about $40 shy of its all-time high. Gold has risen for two consecutive weeks, as traders expect the Fed to cut interest rates twice in 2026. Lower interest rates typically benefit precious metals, as they do not pay interest.
Geopolitical tensions have also strengthened the appeal of safe havens. The US tightened its blockade of Venezuelan oil to pressure President Nicolás Maduro's government, while Ukraine for the first time attacked oil tankers from Russia's "shadow fleet" in the Mediterranean Sea. At 7:37 a.m. in Singapore, spot gold rose 0.2% to $4,348.12, nearing its record high of $4,381 in October. Silver rose 0.4% to $67.44, platinum also rose after jumping 2.5% on Friday, palladium also strengthened, and the Bloomberg Dollar Spot Index closed up 0.2% in the previous session. (asd)
Source: Newsmaker.id
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