Reuters: Silver Crosses $70 Milestone, Gold Extends Record Run
Article by Pablo Sinha and Arunima Kumar in Reuters
Silver rose past $70 for the first time on Tuesday, while gold hit a record high, trading just below $4,500 an ounce, as a weaker dollar and persistent geopolitical uncertainty lift demand for safe-haven assets.
Spot silver gained 2.2% to a record of $70.61 per ounce. The white metal is up 143% year-to-date on supply deficits, industrial demand, and investment inflows.
"Silver is responding to many of the same macro forces but with added intensity due to its own supply-demand dynamics. Tight supply conditions, combined with strong investment and speculative interest, are magnifying price moves as silver approaches the $70 level," said Ahmad Assiri, research strategist at Pepperstone.
Spot gold climbed 0.9% to $4,486.99 per ounce, after reaching a record $4,497.55 earlier in the session. Bullion has gained more than 70% this year as investors ......