Precious Metals Reach New Record High
Precious metals, including gold and silver, have hit another record high, driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions.
Gold and silver prices have surpassed their previous all-time peak, with spot prices reaching $4,379.93/oz and $54.4/oz, respectively.
- Concerns over economic credit quality due to loan issues tied to alleged fraud at two regional banks
- Expectations of continued Fed easing, with traders betting on a jumbo US rate cut by year-end
- Escalating US-China trade tensions, boosting safe-haven demand
Fed Chair Powell signalled another quarter-point reduction is likely to happen this month
Author's summary: Precious metals reach new highs amid economic concerns.