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Gold Hits Record $2,753 as Silver Surges Above $34 Amid Global Uncertainty

Oct 21, 2024, 06:02 AM

Gold prices surged to a new record high, reaching $2,753 per ounce, driven by geopolitical tensions in the Middle East and uncertainties surrounding the U.S. presidential election. The precious metal's market capitalization doubled since 2019 to hit a new peak of $18.4 trillion, with gold up nearly 40% year-to-date. Silver prices also soared, rising 7% on Friday to close above $33 per ounce for the first time since 2012, and reaching over $34, the highest level since March 2013, marking a 42% increase year-to-date. Analysts attribute the rally to factors including central bank interest rate cuts, de-dollarization efforts, and increased demand for precious metals. Gold's rally has spanned a four-day winning streak, and some predict it could reach $3,000 per ounce in the coming months as the upward trend continues.