Silver prices surged to a record high on Wednesday, surpassing $US66 an ounce, while gold also firmed amid renewed expectations of interest rate cuts by the US Federal Reserve. Signs of a softening labour market in the US contributed to these expectations, while escalating tensions between the US and Venezuela further boosted demand for safe-haven assets. Spot silver rose nearly 4 per cent to $US66.22 an ounce, hitting an all-time high of $US66.88 earlier in the session.
Spot gold experienced gains as well, rising 0.7 per cent to $US4334.01 an ounce after an earlier increase of over 1 per cent. US gold futures settled 1 per cent higher at $US4373.9. The precious metals market is seeing considerable activity as investors react to the shifting global financial landscape.
This year, silver has seen a remarkable increase of 129 per cent, significantly outpacing gold’s 65 per cent rise over the same period. Other precious metals also experienced gains. Platinum increased by 2.2 per cent to $US1890.60 an ounce, reaching its highest level in over 17 years. Palladium also added 2 per cent, reaching $US1635.61 per ounce.
