Gold Approaches $5,000 while Silver Surges to $100 Due to High Demand

Post by : Bianca Suleiman

On Thursday, gold and silver prices lingered close to historic highs, bolstered by robust investor appetite and global economic unpredictability.

As of 13:32 GMT, spot gold remained stable at $4,931.28 per ounce, after peaking at $4,967.03 earlier in the session. US gold futures for February delivery increased by 0.4%, reaching $4,934.20 per ounce.

Gold saw a slight dip earlier, with some investors taking profits following a recent surge.

Both silver and platinum also hit record highs, with prices escalating around 14% since the year began. Year-to-date, silver has jumped 37% due to strong buying pressure and market demand.

Platinum rose 1.5% to $2,667.47 per ounce, following a record high of $2,684.43, marking a 30% increase for the year. In contrast, palladium experienced a decline of 0.7%, landing at $1,907.45 per ounce.

Experts suggest that the ongoing purchases by central banks and a movement away from the US dollar are pivotal factors driving the rise in gold prices. Investors are seeking refuge in precious metals amid escalating global monetary policy uncertainties and market instability.