Gold sets new record as silver, platinum also surge
“Gold hit a fresh record as traders bet on easier Fed policy and sought safety, lifting silver, platinum and palladium.”
Key points
- Gold hit a fresh record as traders bet on easier Fed policy and sought safety, lifting silver, platinum and palladium.
- Analysts warned thin holiday trading could amplify swings after a powerful year-long rally.
Gold vaulted to an all-time high on Monday as expectations of further US interest-rate cuts and safe-haven flows lifted precious metals across the board, according to Reuters.
Spot gold rose about 1.2% to a record $4,391.92 an ounce, extending a year of breakneck gains driven by central-bank buying, geopolitical tension and a softer dollar. Silver climbed 2.7% to a historic $69.23, outpacing gold on a year-to-date basis.
Analyst Matt Simpson of StoneX said seasonal tailwinds and rate-cut hopes remain supportive, though thinning holiday liquidity could spur profit-taking after the strong run. Markets are factoring in multiple Fed cuts next year despite policymakers' caution.
Platinum jumped roughly 4.1% to $2,054.25 - a high not seen in more than 17 years - while palladium advanced around 4% to $1,781.32. The rally caps a banner year in which bullion shattered the $3,000 and $4,000 thresholds for the first time.
Corrections & clarifications
Spot an inaccuracy or need more detail? Email connect@newsnexus24.com. Significant updates are timestamped above.
