Global uncertainties propel gold to record high, silver soars
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Gold rallied for a fifth straight day on Monday, hitting a record high on uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts, while silver hit a near 12-year peak.
Spot gold gained 0.6% to $2,735.38 per ounce, as of 1112 GMT, after hitting an all-time high of $2,736.86 earlier in the session. U.S. gold futures were 0.7% higher at $2,750.00.
Sources told Reuters that the European Central Bank was likely to cut again in December, while British inflation slowed sharply last month, reinforcing bets of a Bank of England rate cut next month.
Helped by bullion's rally, spot silver rose 1.1% to $34.02 per ounce, its highest since late-2012.
There is little to stop silver's upward march if gold continues to set new highs, but any downside could turn the $32.55 resistance into a new support level, Kinesis Money said in a note.
Source: Reuters
