Silver Surges to the Highest Since 2012 as Precious Metals Rally
- Gold hits new record ahead of speech by Fed Chair Powell
- Both metals are benefiting from expectations of more rate cuts
A one-kilogram silver bar, center.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Silver hit the highest level since 2012, while gold reached a new record as expectations for additional Federal Reserve interest-rate cuts boosted precious metals.
The white metal climbed as much as 2.8% to $32.71 an ounce on Thursday, extending this year’s gain to 37%. Its advance came during a broad rally for precious metals, with gold hitting another all-time high. Both metals gave up some of their early gains after the latest US data showed the labor market remained resilient.