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Silver set a new record and gold also rose due to two main factors: worsening geopolitical tensions and expectations that the Fed will cut interest rates further next year. When global conditions are "hot," investors typically flock to safe-haven assets like precious metals.
Silver rose 1.76% to $68,249 per ounce. This rise was driven by speculative flows and still-tight supply following the historic short squeeze in October. Silver futures trading volume in Shanghai also surged earlier this month, approaching levels seen during the "crisis" a few months ago.
Spot gold rose near $4,365 per ounce, just about $20 below its all-time high. Gold has risen for two consecutive weeks, as markets bet the Fed will cut interest rates twice by 2026—although last week's economic data has not provided a clear picture. Meanwhile, US President Donald Trump is also pushing for more aggressive interest rate cuts. Lower interest rates typically benefit both gold and silver, as neither bears interest.
Geopolitical factors are further fueling the "play it safe" sentiment. The US is tightening its blockade of Venezuelan oil to pressure the government of President Nicolás Maduro, while Ukraine has for the first time attacked oil tankers belonging to Russia's "shadow fleet" in the Mediterranean Sea. This combination has led the market to assess that global risks are not abating, thus maintaining demand for precious metals.
This year has been a "big year" for precious metals: gold and silver are both heading for their strongest annual gains since 1979. Silver has more than doubled, while gold has surged by about two-thirds, supported by central bank buying and inflows into bullion-backed ETFs. Gold ETFs have recorded inflows for five consecutive weeks, and World Gold Council data shows total holdings have increased every month this year except May. As of 8:27 a.m. in Singapore, silver was up 0.5% at $67.46, spot gold was up 0.5% at $4,363.21 (near its record high of $4,381 in October), platinum was up after surging 2.5% on Friday, palladium was up 1.5%, and the Bloomberg Dollar Spot Index remained relatively stable. (asd)
Source: Newsmaker.id
