Gold is again winning favor with investors as a time-proven safe-haven asset. For the first time in history, December futures for gold have surpassed the landmark $2,700 per troy ounce. The precious metal conquered a new historic high of $2,708. As for spot gold prices, they hit a new record too, soaring to $2,685 per troy ounce.
According to analysts, the yellow metal has been following the bullish trend for eight months straight. In September, gold received a fresh boost from the Federal Reserve's jumbo rate cut. Besides, stimulus measures introduced by Beijing have fueled the gold rally.
Meanwhile, silver is not far behind. In the first month of autumn, silver surged to 12-year highs, also gaining support from expectations of further monetary easing by the Federal Reserve. Spot prices for silver jumped by 2.6%, reaching $32.632 per troy ounce, the highest level since 2012. Analysts estimated that silver has skyrocketed by 37% in 2024.
The white metal is considered one of the most successful commodities alongside gold. This year, silver has outdone itself, amazing market participants with a stunning rally. The metal owes its investment luster to the Federal Reserve’s shift toward a dovish monetary policy. Economists believe that the prospect of further rate cuts set the stage for the rise in prices of precious metals.
