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.
A drone strike near Dubai Airport hit a fuel tank and caused a large fire. Flights were temporarily
Donald Trump says the US will focus on ending the Iran conflict before dealing with Cuba, even as ta
Federal government signs landmark agreements with Musqueam Nation, recognizing Aboriginal rights whi
Canada’s labour market faltered with a sharp drop in employment and higher unemployment, marking the
