Gold and silver prices surged to historic highs on Monday, driven by rising geopolitical tensions, economic uncertainty, and growing expectations of U.S. interest-rate cuts.
In the international bullion market, spot gold jumped 1.3% to $4,469.49 per ounce, after briefly touching an all-time high of $4,600.33 per ounce. Meanwhile, U.S. gold futures for February delivery climbed 2% to $4,591.10.
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Market analysts say escalating geopolitical risks are fueling safe-haven demand for precious metals. Kelvin Wong, Senior Market Analyst at OANDA, stated that geopolitical uncertainty is the primary force behind the strong bullish momentum seen in both gold and silver.
Adding to the rally, weaker employment data from the United States has strengthened expectations that the Federal Reserve could cut interest rates at least twice this year. Lower interest rates typically support gold prices, as the metal does not yield interest. A softer U.S. dollar has also contributed to the upward trend.
Silver followed gold’s rally, with spot silver rising 3.5% to $82.72 per ounce, after hitting a record high of $83.96 earlier in the session.
Other precious metals also posted strong gains. Platinum increased 3.2% to $2,345.40 per ounce, having previously touched a peak of $2,478.50 in late December.
Analysts believe that continued global uncertainty, combined with expectations of monetary easing, could keep precious metals well supported in the near term.
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