Global uncertainties propel gold to record high, silver soars

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Home Business Global uncertainties propel gold to record high, silver soars 21-10-2024 01:09 PM Ammon News - Gold rallied for a fifth straight day on Monday, hitting a record high on uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts, while silver hit a near 12-year peak. Spot gold gained 0.5% to $2,733.50 per ounce, as of 0910 GMT, after hitting an all-time high of $2,733.82 earlier in the day. U.S. gold futures were 0.7% higher at $2,748.20. Helped by bullion's rally, spot silver rose 1.2% to $34.06 per ounce, its highest since late-2012. There is little to stop silver's upward march if gold continues to set new highs, but any downside could turn the $32.55 resistance into a new support level, Kinesis Money said in a note. Platinum rose 0.5% to $1,018.90 per ounce, its highest since mid-July. Palladium fell 0.3% to $1,075.87. Reuters

Home Business

Global uncertainties propel gold to record high, silver soars

21-10-2024 01:09 PM

Ammon News - Gold rallied for a fifth straight day on Monday, hitting a record high on uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts, while silver hit a near 12-year peak.

Spot gold gained 0.5% to $2,733.50 per ounce, as of 0910 GMT, after hitting an all-time high of $2,733.82 earlier in the day. U.S. gold futures were 0.7% higher at $2,748.20.

Helped by bullion's rally, spot silver rose 1.2% to $34.06 per ounce, its highest since late-2012.

There is little to stop silver's upward march if gold continues to set new highs, but any downside could turn the $32.55 resistance into a new support level, Kinesis Money said in a note.

Platinum rose 0.5% to $1,018.90 per ounce, its highest since mid-July. Palladium fell 0.3% to $1,075.87.

Reuters

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