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Gold hits record high
Gold gained 0.7% to $2,739.50 per ounce, as of 1350 GMT, after hitting a record $2,740.37 earlier in the session. US gold futures were 0.7% higher at $2,750.00, Reuters reported.
“We look for gold to reach to $2,900/oz over the next 12 months, supported by further rate cuts by the Fed,” UBS analyst Giovanni Staunovo said.
Traders now see a 90% chance of a quarter basis point cut by the Fed in November.
Spot silver rose 1.2% to $34.06 per ounce, its highest since late-2012.
“You’re starting to see the (silver) market break out, which would entice more people to come in from the sidelines and start picking up silver,” Pavilonis added.
“We could see maybe gold slow down its speed and silver start to pick up and catch up with gold.”
Platinum rose 0.1% to $1,014.20 per ounce, its highest since mid-July. Palladium fell 1.1% to $1,067.49.