Sharjah 24 - AFP: Silver prices surged to their highest level in nearly 12 years on Thursday, boosted by gold's record-breaking performance and expectations of interest rate cuts from major central banks. Spot silver rose 1.3% to $32.26 per ounce, reaching $32.71 earlier in the day, the highest since December 2012.
Meanwhile, spot gold rose 0.6% to $2,673.21 per ounce, having peaked at $2,685.42 earlier, while December U.S. gold futures increased 0.4% to $2,696.30. Gold has jumped over 29% in 2024, driven by U.S. rate cuts, safe-haven buying, and strong central bank purchases.
The Federal Reserve recently cut benchmark rates by 50 basis points, and traders anticipate further reductions. Fed Chair Jerome Powell is set to speak later, with market attention on his comments regarding future cuts.
In other metals, platinum gained 2.3% to $1,011.20, and palladium rose 2.3% to $1,061.25.
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