The price of silver continued to climb on Friday, soaring above an all-time high of $75 per ounce for the first time after seeing a 4.6% one-day move. Seemingly, safe-haven demand continues to rise as investors seek protection against growing global uncertainty, buoyed by escalating geopolitical risks and a weakening US dollar. Fed easing bets as inflation cools down and lingering worries about possible disruptions to global supply following the United States’ increased pressure on Venezuela’s oil shipments have further strengthened the rally.
Silver jumped 4.63% at 11:24 am CET, selling for $75.2 per ounce. At the same time, gold was 0.96% higher, going for $4,522.58 per ounce. A minute later, platinum advanced by 2.88% to sell at $2,321.98 per ounce, while palladium added 3.19%, going for $1,839.58 per ounce.
NN: Everybody is long…. YOU know what that means… Time to sell.
Gold hits new all-time high of $4,525
Gold climbed to an all-time high of $4,500 per ounce, extending a rally into the Christmas holidays as demand for precious metals strengthened. The surge reflected investor focus on safe-haven assets during year-end trading, supported by geopolitical uncertainty and broader global tensions. The rise also followed the United States Federal Reserve’s decision two weeks ago to cut its benchmark interest rate. At 7:03 pm ET, gold traded at $4,508.13 an ounce, up 0.24%, while silver rose 0.46% to $71.86. Platinum increased 1.40% to $2,302.66 at 7:04 pm ET and, a minute later, palladium added 0.85% to reach $1,866.39.