Gold and silver prices surge in tandem… gold hits $4,600 per ounce; silver sets a new all-time high
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Summary
- It said that in the global precious metals market, prices of gold and silver surged in tandem, repeatedly setting new record highs.
- According to Bitget, the spot price of gold broke above $4,600 per ounce for the first time, rising 1.92% in a single day.
- The spot price of silver is trading at $83.9 per ounce, and it said that expectations for further gains are being reflected as it sets a new all-time high.
In the global precious metals market, gold and silver prices surged together, repeatedly setting new record highs.
According to Bitget on the 12th (local time), the spot price of gold rose 1.92% in a single day, breaking above $4,600 per ounce for the first time. The move is widely attributed to safe-haven demand fueled by geopolitical tensions and global uncertainty.
Silver also maintained a strong uptrend. Spot silver climbed past the highs of the past two weeks to notch a fresh all-time high, and is currently trading at $83.9 per ounce. That is within 1% of its record high, suggesting market expectations for further gains.
Analysts say that an expansion of geopolitical risks, a weaker dollar and inflation concerns are underpinning precious metals prices. In particular, the simultaneous strength in gold and silver is seen as a sign that risk-off sentiment is broadly intensifying.
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