Gold prices broke through the $4,600 per-ounce mark for the first time on Monday, while silver also climbed to an all-time high, driven by geopolitical and economic uncertainties and growing expectations of U.S. interest-rate cuts.
Spot gold rose 1.3% to $4,469.49 per ounce by 0203 GMT after earlier touching a record high of $4,600.33. U.S. gold futures for February delivery were up 2% at $4,591.10.
“Geopolitical risk is the main driver of the intraday bullish momentum seen in both gold and silver markets today,” said Kelvin Wong, senior market analyst at OANDA.
Soft employment data in the United States has reinforced market expectations that the Federal Reserve may cut interest rates at least twice this year, supporting demand for non-yielding assets such as precious metals. A weaker dollar also added to the rally.
Spot silver jumped 3.5% to $82.72 per ounce after hitting a record high of $83.96 earlier in the session. Spot platinum gained 3.2% to $2,345.40 per ounce, after previously touching a peak of $2,478.50 on December 29.
