Dubai: Gold and silver prices logged new record highs today, driven by demand for safe-haven assets and growing expectations of another cut in US interest rates next year. Platinum and palladium prices also saw notable gains.
According to Emirates News Agency, spot gold rose 0.5 percent to US$4,502.75 per ounce by 02:25 GMT, after reaching a new record high of $4,530.60 earlier in the session. US gold futures for February delivery climbed 0.7 percent to a new record level of $4,533.60 per ounce.
Spot silver surged 3.4 percent to $74.35 per ounce, before touching its highest level on record at $75.14. Platinum jumped 8 percent to reach an unprecedented level of $2,413.62 per ounce by 03:04 GMT. Palladium also rose 4.4 percent to $1,757.25 per ounce.