Gold and Silver Surge Amidst Global Uncertainty

In a landmark achievement, gold surpassed the $4,000 mark per ounce on Wednesday, continuing its record-breaking rally as a wave of geopolitical and economic uncertainties, along with expected U.S. interest rate cuts, prompted investors to secure the precious metal as a safe-haven asset. Silver followed suit, reaching an all-time high.

Gold's value rose by 1.9%, pegged at $4,057.12 per ounce, with U.S. futures for December delivery similarly climbing. Silver increased by 3.2%, hitting $49.35 per ounce. According to Matthew Piggott of Metals Focus, the demand underscores a favorable macroeconomic and geopolitical backdrop for safe-haven assets.

An uptrend of 52% year-to-date for gold and 71% for silver showcases their superior performance compared to global equities and cryptocurrencies like Bitcoin. Analysts attribute this rally to factors including political uncertainty, central bank purchases, and weakened dollar valuations, predicting gold's potential rise to $5,000 per ounce.

(With inputs from agencies.)