The Commodities Feed: Precious metals hit another record high
The precious metals rally is driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions.
Gold and silver hit another record high, topping the all-time peak set just yesterday, with spot prices jumping to $4,379.93/oz and $54.4/oz, respectively.
- Concerns over economic credit quality
- Expectations of continued Fed easing
- 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.
Fed Chair Powell signalled another quarter-point reduction is likely to happen this month.
Traders are increasing their bets on a jumbo US rate cut by year-end.
Author's summary: Precious metals reach new highs amid economic concerns.
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