Gold and Silver Soar to Record Highs Amid Interest Rate Cut Expectations

The prices of gold and silver reached record highs today, fueled by weak American employment data and low inflation readings. These factors have strengthened expectations that the U.S. Federal Reserve will cut interest rates in January.

As of 0203 GMT, spot gold increased by approximately one percent, hitting an all-time high of $4384.50 per ounce. Meanwhile, U.S. gold futures rose by 0.7 percent, reaching $4416.30 per ounce.

Silver also made significant gains, jumping three percent in spot transactions to reach a record high of $69.14 per ounce.

Gold has proven to be a traditional safe haven this year, appreciating by 67 percent, driven by trade tensions, robust central bank purchases, and optimistic projections for lower interest rates in the coming year. Since the year's start, silver has surged by 125 percent.

Among other precious metals, platinum increased by 2.6 percent to $2028.34 per ounce, marking its highest level in over 17 years. Palladium also climbed 3.8 percent, reaching $1772.74 per ounce, its peak in nearly three years.