Silver prices rose today, Thursday, to their highest level in nearly 12 years, tracking the rise of gold, which reached record high levels thanks to major central banks reducing interest rates.
Silver rose in spot transactions by 0.66% to $32 per ounce, at the time of writing the report, after recording $32.71 early in the day, its highest level since December 2012.
Silver has risen more than 36% so far this year, and represents a safe haven investment and an important material in industrial applications.
gold
Gold rose in instant transactions by 0.4% to $2,668 per ounce, and gold recorded its highest level ever at $2,685.42 earlier today.
As for US gold futures for December delivery, they rose 0.21% to $2,690.
The yellow metal rose by about 29% this year and recorded record high levels several times, due to the US interest rate cut and high demand for gold as a safe haven, as well as strong purchases from central banks.
Last week, the Federal Reserve (US Central) cut interest rates by 50 basis points to between 4.75 and 5%, and according to the CME Group’s Fed Watch tool, traders see a 63% chance of an additional cut of half a percentage point in November. the second.
The low interest rate enhances the demand for gold, which does not generate a return.
Silver is one of the best-performing major commodities this year, as it benefited from the US Central Bank’s move towards a more accommodating monetary policy recently, and the possibility of further lowering interest rates.
The gains supported the potential for increased industrial use as China moves to boost its economy, while flows into silver-backed exchange-traded funds showed signs of recovery.
An expected word
Federal Reserve Chairman Jerome Powell will deliver an opening speech at today’s conference, and New York Federal Reserve Bank President John Williams and the Board’s Deputy Chairman for Supervision Michael Barr are also scheduled to speak.
As for other precious metals, platinum increased 2.36% to $1,011.60, and palladium rose 1.07% to record $1,049.
