Silver extended its record rally on Tuesday, reaching the key $70 an ounce mark, while gold pared gains after hitting an all-time high as stronger-than-expected US economic data triggered a decline.
Spot silver rose 0.7% to $69.48 an ounce after hitting a record high of $70.66 earlier. Prices are up 123% since the start of the year.
"It's essentially the supply and demand realities in a market that's been in deficit for five years, along with rising industrial demand. The safe-haven aspect, expectations of a weaker dollar, and lower yields are all part of that equation," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"Silver's next target is $75, but year-end profit-taking could trigger a decline." The US dollar pared its losses after data showed the world's largest economy grew faster than expected in the third quarter. A stronger dollar makes dollar-priced precious metals less attractive to overseas buyers.
Spot gold edged up 0.1% to $4,449.99 an ounce, as of 9:57 a.m. ET (1457 GMT), after hitting a record $4,497.55. Prices pared gains after the data.
Bullion prices have surged about 70% this year, driven by geopolitical tensions, US interest rate cuts, strong central bank buying, and strong investment demand. US gold futures for February delivery rose 0.3% to $4,480.20.
"We continue to see the long-term theme of central bank reserve diversification as a key driver of gold prices through the end of the decade," analysts at SP Angel said in a note.
"We expect gold prices to rise toward $5,000/ounce next year," the note added.
In the latest escalation of geopolitical tensions, US President Donald Trump last week ordered a "blockade" of all sanctioned oil tankers entering and leaving Venezuela, and said he was not ruling out the possibility of war with the country.
The Trump administration said it would impose tariffs on Chinese semiconductor imports starting in June 2027. Spot platinum jumped 3.9% to $2,202.30, its highest in more than 17 years. Palladium rose 2.8% to a three-year high of $1,808.25, tracking gains in gold and silver. (alg)
Source: Reuters.com
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