Precious metals hit another record high – ING
Gold and Silver hit another record high this morning, topping the all-time peak set just yesterday, with spot prices jumping to $4,379.93/oz and $54.4/0z, respectively, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold and Silver hit another record high this morning, topping the all-time peak set just yesterday, with spot prices jumping to $4,379.93/oz and $54.4/0z, respectively, ING's commodity experts Ewa Manthey and Warren Patterson note.

Prices up by more than 65% and 80% YTD

"The rally is driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions. Two regional banks disclosed loan issues tied to alleged fraud, raising fears about weakening borrower credit, boosting safe-haven demand."

"Meanwhile, traders are increasing their bets on a jumbo US rate cut by year-end, while Fed Chair Powell signaled another quarter-point reduction is likely to happen this month. Additionally, the US government shutdown has delayed key economic data releases, but once resolved, a surge of information could reveal signs of weakness, supporting further rate cuts."

"Gold and Silver are one of the best-performing commodities this year, with prices up by more than 65% and 80% YTD, respectively, supported by central bank purchases, strong ETF inflows, rising demand for safe-haven assets amid geopolitical tensions and concerns over the Fed’s independence."

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