Precious Metals Rally: Silver Hits Record High as Gold Posts Weekly Gain

Market Dynamics Drive Prices Higher

The price of silver reached a record high during Friday's trading session, peaking at $67.45 per ounce before closing at $67.14 per ounce, up 2.6%. This significant surge contributed to an 8.4% weekly gain, demonstrating the metal's strong performance over the past week. The price movement was primarily driven by robust investment demand coupled with supply constraints in the market.

Gold Price Movement

Gold prices also showed positive momentum, with spot gold rising 0.14% to $4,338.88 per troy ounce. For the week, gold recorded a 0.91% gain, maintaining its stability in the market. US gold futures closed 0.5% higher at $4,387.3 per ounce, achieving a weekly increase of 1.36%. The upward trend in gold prices was largely supported by growing market expectations of Federal Reserve rate cuts in the near future.

Market Outlook

The simultaneous rise in both silver and gold prices reflects investor optimism regarding potential monetary easing by the Federal Reserve. As market participants anticipate rate reductions, the appeal of precious metals as alternative investments strengthens, driving their prices higher.