Gold and silver prices surged to record highs on Monday, driven by strong momentum across the precious metals complex. Moreover, early trading reflected broad-based buying interest as investors increased exposure to hard assets.
Spot gold climbed 1.6 per cent to US$4,670.01 per ounce by 01:10 GMT. Additionally, prices touched an all-time high of US$4,689.39 earlier in the session.
Futures track spot gains
US gold futures for February delivery rose 1.8 per cent to US$4,677. Therefore, futures prices broadly mirrored the strength seen in the spot market.
Silver outperforms as metals rally broadens
Silver posted sharper gains, extending the rally across precious metals. Spot silver advanced 4.4 per cent to US$93.85 per ounce, after hitting a record high of US$94.08.
Platinum and palladium also higher
Among other metals, spot platinum gained 1.9 per cent to US$2,373.08 per ounce. Meanwhile, palladium edged up 0.5 per cent to US$1,809 per ounce, supporting the wider upward trend.
