Gold Hits $2,437, Silver Reaches $32 Amid Strong Demand and Inflation Concerns

May 20, 2024, 01:13 AM

Gold prices have reached new all-time highs, closing the week above $2,400 per ounce and continuing to climb in early Asian trading. Spot gold hit a record high of $2,437. Silver prices have also surged, hitting $32 per ounce and reaching their highest levels since 2013. In China, silver prices have soared to $35.37, with an 8% limit-up. Silver is at 11-year highs, and gained 13.8% over the past week. Copper prices have similarly seen significant increases, with Shanghai copper futures hitting a record high of 79,670 yuan per tonne and LME copper reaching new all-time highs. Copper also saw a 7% limit-up in Shanghai. The rally in precious metals and copper is indicative of ongoing inflation concerns and strong demand, particularly from China, which is building stock instead of using its copper reserves.