Gold & Silver Surge to Record Highs

Gold and silver prices soared to new peaks, fueled by anticipation of rate cuts from major central banks and escalating global tensions. Spot gold surged by 1.1% to $2,450.70, while U.S. gold futures skyrocketed by 1.3% to $2,454.20. Silver skyrocketed by 2.8% to $32.54, a level not seen in over a decade. Analysts attribute this surge to growing speculation of rate cuts by the Federal Reserve and other banks, making gold and silver more attractive due to their lack of interest payments and lower rates reducing the cost of holding them. Geopolitical concerns are also driving investors towards these safe-haven metals, which have traditionally been seen as reliable stores of value during uncertain times.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.