Gold prices at record peak, Silver near highest in four months: Top updates

Gold rose to a record high as weak US data bolstered the case for deeper rate cuts while Silver was near the highest in four months. Prices of gold gained as much as 0.3% to above $2,665 an ounce following a report showing US consumer confidence this month fell the most in three years. Silver surged 4.6% in its biggest daily gain in four months.
Zhong Liang Han, an analyst at Standard Chartered Plc, said as per Bloomberg, “The main driver for silver in the last few weeks has been the gold rally — which got another boost yesterday from higher rate-cut expectations following the weak consumer confidence report. However, the rally in industrial metals following China’s broad stimulus package was the key driver behind the next leg of the up-move in silver.”
This year, Gold has now surged almost 30% while silver has risen 35%. The yellow metal has also been supported by strong central bank purchases and heightened geopolitical tensions.
Spot gold reached a record high of $2,665.25 an ounce before being up 0.2% to $2,662.77 as of 10:34 a.m. in Singapore. Silver is getting attention given the sharp rally in gold, especially as investors look for catch-up buying opportunities, Joni Teves, a precious metals strategist at UBS Group AG, said, adding, “The move in industrial commodities is likely also providing an additional boost. Our bullish outlook for silver is unchanged; we think it can outperform in this environment of rising gold prices, Fed easing and forecasted silver market deficits.”
Silver dipped 0.5% in Singapore to $31.9435 an ounce. Palladium and platinum declined.