Gold and silver prices hit all-time highs with spot gold reaching US$4,689.39 and silver surging past US$94, driven by investor demand and market uncertainty.
LONDON: Gold and silver prices surged to record levels on Monday as investors turned to precious metals amid ongoing global economic uncertainty. Spot gold rose 1.6 percent to US$4,670.01 per ounce by 01:10 GMT after reaching an all-time high of US$4,689.39.
US gold futures for February delivery also climbed, gaining 1.8 percent to settle at US$4,677. The surge reflects continued investor interest in gold as a safe haven, especially during times of inflation risk and geopolitical instability.
Spot silver recorded a sharp rise of 4.4 percent to reach US$93.85 per ounce after briefly touching a historic high of US$94.08. Silver’s performance has been bolstered by increased industrial demand and speculative interest, making it one of the top-performing assets in recent weeks.
Other precious metals also saw gains. Spot platinum advanced 1.9 percent to US$2,373.08 per ounce, while palladium edged up 0.5 percent to US$1,809. Rising interest in industrial metals and supply chain constraints have contributed to the price movements.
Market analysts attribute the bullish trend in precious metals to a combination of factors, including expectations of lower interest rates, central bank purchases and a weakening US dollar. The metals rally reflects broader concerns over market volatility and a search for safe and stable investment options.
The latest surge adds to a strong performance over the past year, with both gold and silver outperforming many traditional asset classes.
(Gold price today in UAE: AED 566 per gram 24 carat)
