Silver hits record high above $100/oz as gold closes in on $5,000 milestone

Silver prices rose above $100 an ounce for the first time ever on Friday, while gold hit another record en-route to $5,000/oz as investors pile into safe-haven assets amid geopolitical turmoil and on expectations for U.S. interest rate cuts. Spot silver jumped 4.05 percent to $100.1 an ounce by 1547 GMT. The metal has surged more than 200 percent in the past year, also driven by ongoing challenges in scaling up refining of the metal and a persistent supply shortage in the market. “Silver should continue to benefit from many of the same forces supporting gold investment demand,” said Philip Newman, a director at Metals Focus. “Additional support will come from ongoing tariff concerns and still low physical liquidity in the London market.” Spot gold was 0.48 percent higher at $4,959.98 an ounce, after touching a record of $4,967.03 earlier in the day. U.S. gold futures for February delivery added 0.98 percent to $4,961.20. “Gold’s role as a haven and a diversifier in highly uncertain economic and political times is making it a necessity for strategic portfolios. It’s more than a perfect stor

Read Full Article