Gold holds close to record as demand for precious metals surges
Sybilla Gross / Bloomberg • • 4 min read
Spot silver steadied after surging as much as 2.7% on Monday to breach US$40 an ounce for the first time since 2011, while gold held a 0.8% gain to trade just below its April record above US$3,500 an ounce. Photo: Bloomberg
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Gold held just below a record high and silver traded above US$40 ($51.36) an ounce, as the prospect of Federal Reserve rate cuts and growing concerns over the central bank’s future gave fresh legs to the multi-year rally in precious metals.
Spot silver steadied after surging as much as 2.7% on Monday to breach US$40 an ounce for the first time since 2011, while gold held a 0.8% gain to trade just below its April record above US$3,500 an ounce.
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