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Gold and Silver Hit New Highs as Central Banks Take Action

Posted on October 28, 2024
Writer: James Miller

Gold and silver prices continued their upward trajectory this week. Gold futures soared past $2,760 per ounce, marking an over 30% increase since the start of the year. Meanwhile, silver prices also climbed, briefly surpassing $34 per ounce for the first time since 2012.

The recent surge in gold and silver is largely driven by central bank purchases, with gold now recognized as the world’s second-largest reserve asset, according to Bank of America. Additionally, market volatility due to concerns in the Middle East and the closely contested U.S. election contribute to the increased attractiveness of precious metals as safe-haven assets.

The sentiment in the precious metals market remains robust, with projections from the London Bullion Market Association conferences suggesting gold could reach $2,941 per ounce within the next year. Similarly, silver’s prospects look optimistic, with forecasts suggesting an average price of $45 per ounce.

Recent policy decisions, such as the Fed’s rate cut and the European Central Bank’s reduction in rates, have further enhanced the allure of these metals. However, positive U.S. economic reports in September introduced some volatility, tempering the rally slightly.

Analysts from JPMorgan caution about potential headwinds for industrial metals, especially with possible shifts in trade policies after the U.S. presidential elections. 

For more information, read the full article on Benzinga.


James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

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