Gold and silver prices remained elevated on Thursday, bolstered by robust investor interest and ongoing global economic instability.
Spot gold held steady at $4,931.28 per ounce by 13:32 GMT, having peaked at a record $4,967.03 earlier in the trading session. Meanwhile, US gold futures for February delivery ticked up by 0.4% to $4,934.20 per ounce.
Initially, gold prices dipped as some traders took profits following a significant recent surge.
Silver and platinum also reached unprecedented levels, witnessing a roughly 14% increase since the beginning of the year. Silver has experienced a remarkable 37% rise year-to-date, driven by vigorous buying activity and strong market demand.
Platinum advanced by 1.5% to $2,667.47 per ounce, after hitting a record high of $2,684.43, contributing to its annual gains of 30%. In contrast, palladium experienced a decline of 0.7%, settling at $1,907.45 per ounce.
Market analysts attribute the spike in gold prices to sustained central bank purchases and a move away from the US dollar, as investors view precious metals as a safe haven amid global monetary policy uncertainties and market fluctuations.
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