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Gold, silver and platinum prices have been on the rise so far this year, and strategists say the precious metals could continue to hit new record highs over the coming months. Precious metal prices rallied this week as softer-than-expected US inflation data boosted the near-term prospect of a rate cut by the Federal Reserve.
Gold prices on Wednesday settled at their highest level in more than three weeks on the latest news, while silver hit its highest level in more than three years and platinum climbed to a near one-year high.
Domestic gold prices moderated slightly on Thursday to trade around $2,382 an ounce, after settling at its highest level since April 19 in the previous session. The yellow metal has consistently hit all-time highs in recent weeks.
Meanwhile, domestic silver prices traded 0.5% lower at around $29.54 an ounce. The precious metal, sometimes described as gold's "poorer cousin", briefly touched $29.73 on Wednesday to record its highest intraday level since February 2021.
Platinum prices for July delivery traded 0.7% higher on Thursday at $1,077 an ounce, extending gains after closing Wednesday's session more than 2.4% higher. Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400 level, silver could rise to $30, while platinum has the potential to reach $1,130.
The Danish bank said on Wednesday that its "year of metals" theme had continued to gain momentum in recent weeks, citing its preference for gold, silver and copper. Separately, analysts at ROTH Capital Partners have predicted gold and silver prices to rise even more over the coming months.
Gold, which is usually considered a "safe haven" asset in times of financial uncertainty, has been in an uptrend since the end of 2022, despite high interest rates and a relatively strong US dollar. Gold prices, like silver, tend to have an inverse relationship with interest rates. A higher interest rate environment typically hurts demand for gold and silver as the precious metals do not pay interest, making them less attractive compared to investments that do, such as bonds.
However, not everyone expects precious metal prices to rise further over the coming months. / Scan
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