Gold and Silver Rise to Records on Rate-Cut Bets, Global Risks

Gold and silver rallied to fresh all-time highs on escalating geopolitical tensions and prospects for more US rate cuts.

Spot silver rose as much as 3.7% on Tuesday to trade above $70 an ounce for the first time. Gold came within 15 cents of hitting $4,500 an ounce, extending Monday’s gains. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals.