Silver surges to highest in more than a decade

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By MG News | September 27, 2024 at 12:34 PM GMT+05:00

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September 27, 2024 (MLN): Silver hit the highest level since 2012, while gold surged to yet another fresh record as expectations for additional Federal Reserve interest-rate cuts boosted appeal for precious metals.

The white metal climbed as much as 2.8% to $32.71 an ounce on Thursday, extending this year’s rally to 37%. However, prices still remain well below their all-time high of almost $50, set in 2011.

Gold hit a record of $2,685.58 an ounce on Thursday, exceeding the all-time high set in the previous session, before paring most of the gains to trade at $2,664.85.

Both metals gave up some of their early gains on Friday after the latest US data showed the labor market remained resilient, Bloomberg reported.

Silver is one of the year’s best-performing major commodities as the Fed’s pivot toward easier monetary policy last week, and the prospect of further rate cuts, benefit the non-yielding metals.

Gains have been supported by the possibility of increased industrial use as China moves to boost its economy, while flows into silver-backed exchange-traded funds have shown signs of picking up.

“Silver is viewed as the relatively cheap sibling to gold, and as gold continues to reach fresh record highs and copper hits a 2 1/2 month high, traders took it through resistance at $32.50,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “However, the break didn’t stick and once prices dropped back below, stop loss selling was triggered.”

Traders of precious metals will be analyzing a pre-recorded address by Fed Chair Jerome Powell that’s due to air later Thursday at the 10th annual US Treasury Market Conference.

Several policymakers have expressed their openness to making additional — potentially large — interest-rate cuts.

US data including the personal consumption expenditures gauge due Friday could give additional indications on the Fed’s likely easing path.

Copyright Mettis Link News

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