Gold Holds Close to Record as Demand for Precious Metals Surges

Gold held just below a record high and silver traded above $40 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 $40 an ounce for the first time since 2011, while gold held a 0.8% gain to trade just below its April record above $3,500 an ounce.