Global gold and silver prices hit new all-time highs amid economic uncertainty and expected interest rate cuts in the US. Demand for “safe” assets are also rising due to worsening trade relations between the US and China, reports Bloomberg.
Spot gold rose to $4,179.48 an ounce, while U.S. futures rose to $4,187.5. In Singapore, it was trading at $4,140 in the morning after rising more than 2% the day before. Since the beginning of the year, the price of gold has risen by more than 50%.
The record was also set by silver, which rose in price to approximately $53 per ounce. This was a consequence of the historical “short squeeze” on the London market and exceeded the previous high of 1980.
Growth in the value of precious metals is supported by geopolitical tension, active purchases by central banks and high demand for safe-haven assets. Bank of America and Societe Generale analysts predict that gold may rise to $5,000 per ounce by 2026, and Standard Chartered raised its forecast for next year to $4,488.
Prices for other metals also rose, with platinum up 1.9% to $1,677 an ounce and palladium up 2.1% to $1,505.75.
Recall that in April 2025, gold exceeded the mark of $3,500 per ounce for the first time in history.
