Gold price ascends to new high; silver price at 14-year best
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Gold rose by nearly 1% to set another all-time high on Monday, as persistent political uncertainty and expectations of more US interest rate cuts continue to fuel demand for the metal.Spot gold surged to a record of $3,728.36 per ounce during the early hours of trading. By 10:30 a.m. ET, it traded at $3,718.77 an ounce for an intraday gain of 0.9%.Meanwhile, US gold futures were 1.3% higher at $3,755.20 per ounce in New York.With Monday’s move, gold has now risen by more than 41% in 2025. Central bank purchases and strong investment demand remain the key drivers of this rally, which could be traced back as far as 2022 when the Russia-Ukraine war broke out.Click on chart for live prices.Strong demandAccording to data from Metals Focus, net purchases by global central banks have exceeded 1,000 metric tons each year since 2022. The consultancy expects them to maintain this strong buying and add another 900 tons this year — twice the annual average of 457 tons in 2016-2021.Meanwhile, after a typical seasonal dip in UK gold buying, central bank demand has rebounded to 63 tonnes, matching the post-2022 average and adding to bullish sentiment, Societe Generale said in a note on Monday.Gold exchange-traded funds (ETFs) are also seeing continued inflows, with total holdings standing at 3,615.9 tons at the end of June, the largest since August 2022, the World Gold Council estimates. Their record was 3,915 tons five years ago.“There’s a continued flow of safe haven demand amid geopolitical matters that are still kind of wobbly, including the Russia-Ukraine war,” Jim Wyckoff, senior analyst at Kitco Metals, commented in a Reuters note. “Last week’s Fed interest rate cut and probably more Fed rate cuts coming by the end of the year are also supporting prices,” he added.Investors are closely watching a series of Fed speeches this week, including remarks from Chair Jerome Powell on Tuesday, for fresh signals on the central bank’s monetary policy path. The US core personal consumption expenditure price data, due this Friday, is also in focus.Silver keeps goingSilver, seen as a much cheaper alternative to gold as a safe-haven investment, also remains strong. On Monday, prices rose to $43.81 per ounce for a new 14-year high. This takes its year-to-date gains to almost 50%, surpassing that of gold.“Silver may yet find fresh upside as investors cast their sights beyond record-high gold prices. With the gold-silver ratio currently around 86, still above its five-year average of 82, silver may yet have more room to catch up on its more illustrious precious metals cousin,” Han Tan, chief market analyst at Nemo.money, told Reuters.(With files from Reuters)Sponsored: Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.Weiter zum vollständigen Artikel bei Mining.com
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