Silver Hits New Record As Momentum Continues
Silver steps up to a new high with the front-month contract rising 3.5% to $58.148 a troy ounce. It's the fifth consecutive session that silver rose and it has more than doubled so far this year.
Silver is seen having more upside than gold in upcoming trading sessions, partially in reaction to heightened expectations around the Federal Reserve cutting the interest rate this month. "Investors find themselves at an inflection point as the outlook remains positive, with prospects of gaining momentum compared to its peers," says Peter Cardillo of Spartan Capital Securities. Cardillo says that he sees $75 a troy ounce as an "achievable" price target.
Front-month gold settled up 0.5% to $4,239.30 a troy ounce.
Source: Marketwatch