Silver surges to highest since 2012 as precious metals rally

Share Market

Silver hit the highest level since 2012, while gold reached a new record as expectations for additional Federal Reserve interest-rate cuts boosted precious metals.

The white metal climbed as much as 2.8% to $32.71 an ounce on Thursday, extending this year’s gain to 37%. Its advance came during a broad rally for precious metals, with gold hitting another all-time high. Both metals gave up some of their early gains after the latest US data showed the labour market remained resilient.

Silver is one of the year’s best-performing major commodities as the Fed’s pivot toward easier monetary policy last week, and the prospect of further rate cuts, benefit the non-yielding metals. Gains have been supported by the possibility of increased industrial use as China moves to boost its economy, while flows into silver-backed exchange-traded funds have shown signs of picking up.

“Silver is viewed as the relatively cheap sibling to gold, and as gold continues to reach fresh record highs and copper hits a 2 1/2 month high, traders took it through resistance at $32.50,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “However, the break didn’t stick and once prices dropped back below, stop loss selling was triggered.”

Gold hit a record of $2,685.58 an ounce on Thursday, exceeding the all-time high set in the previous session, before paring most of the gains to trade at $2,664.85 as of 9:42 a.m. in New York.

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