CNBC: Gold Prices Could Keep Climbing - But Analysts Expect Silver to Steal the Show Before Long
Article by Sam Meredith in CNBC
A record-breaking rally for gold may yet continue, particularly as investors position for interest rate cuts — but analysts say silver appears well placed to outshine the yellow metal in the second half of the year.
Spot gold prices on Monday edged higher to $2,178 per ounce, after settling at their highest since 1979 on Thursday last week.
Spot silver prices, meanwhile, were last seen up 0.2% at $24.36 per ounce at 6:24 a.m. London time (1:24 a.m. ET). The contract, which rose over 5% last week, on Thursday settled at its highest level since late December.
Precious metal prices have pushed higher in recent weeks amid growing expectations of U.S. interest rate cuts. Federal Reserve Chair Jerome Powell on Thursday said that inflation is “not far” from where it needs to be for the central bank to start cutting rates.
Gold, which is typically considered a “safe haven” asset at times of financial uncertainty, has rallied despite high interest rates and a relatively strong U.S. dollar.
“If you look at gold’s correlations, what you can see is that actually despite the ......