Silver prices continued to set new record highs, rising 2.7% to $73.78 per ounce, marking their fifth consecutive session of gains. This rise was driven by speculative inflows and ongoing supply imbalances stemming from the historic short squeeze in October. Meanwhile, gold also approached its record high above $4,525 per ounce set last Wednesday, driven by escalating geopolitical tensions, particularly in Venezuela, where the US has blocked oil tankers.
In addition to tensions in Venezuela, the US has launched an offensive against terrorist groups in Nigeria, adding to global tensions and further boosting demand for precious metals as safe haven assets. This year, gold is up about 70%, while silver has surged more than 150%, with both on track for their best performance since 1979.
The rise in gold and silver prices was driven by large central bank purchases, inflows into gold-backed ETFs, and the Federal Reserve's interest rate cuts, which have further weakened the appeal of precious metals. Lower interest rates have made holding gold and silver cheaper, leading more investors to turn to precious metals.
This morning, silver was trading at $73.68 per ounce, gold rose to $4,502.75, while platinum and palladium also recorded significant gains. The market continues to monitor how geopolitical tensions and US monetary policy will continue to impact precious metal prices going forward. (az)
Source: Newsmaker.id
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