On Wednesday, gold surged to a new high, nearing the $4,200-per-ounce mark in the international market, Reuters reported. This sharp rise is driven by growing expectations of the United States’ interest rate cuts and renewed concerns over the US-China trade tensions. Both these factors have boosted demand for safe-haven assets. With the festive season round the corner, demand for gold and silver has surged, further pushing their prices to new highs.
Gold has long been seen as a reliable asset during uncertain times. Reflecting this sentiment, Bank of America Global Research raised its gold price forecast on Monday, predicting it could reach $5,000 an ounce by 2026, according to Reuters.
Silver, which is used both as a precious and industrial metal, has also seen massive gains. With gold prices at record highs, many investors are turning to the more affordable silver in hopes of securing strong returns.
Moreover, industrial demand expectations, supply crunch and global economic uncertainty have further added to its appeal. Prices of the metal have skyrocket more than 70% this year alone, putting it on track for its strongest annual performance since 2010.
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