Precious Metals Reach New Record High
Precious metals have hit another record high, driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions.
Gold and silver reached new highs, with spot prices jumping to $4,379.93/oz and $54.40/oz, respectively. This surge is attributed to fears about weakening borrower credit, following loan issues tied to alleged fraud disclosed by two regional banks.
Traders are also betting on a significant US rate cut by year-end, while Fed Chair Powell has signalled a likely quarter-point reduction this month.
Concerns over economic credit quality and escalating US-China trade tensions are driving the precious metals rally.
- Gold spot price: $4,379.93/oz
- Silver spot price: $54.40/oz
Author's summary: Precious metals reach new highs amid economic concerns.