New record from silver

The increasing tension between the US and Venezuela has driven investors toward safe havens, while gold and silver prices have reached new peaks. Spot silver rose by nearly 2 percent, surpassing 70 dollars for the first time.

This rise has contributed to silver gaining more than 141 percent in value since the beginning of the year.

Gold prices also hit a record during the day, climbing to 4,497.55 dollars, and were trading at 4,486.41 dollars with a 0.9 percent increase. February gold futures reached 4,519.70 dollars, up 1.1 percent. KCM Trade Chief Market Analyst Tim Waterer stated that the tension between the US and Venezuela keeps gold on investors' radar. Waterer noted that gold has shown a strong rise this week due to expectations that US interest rates will fall.

The blockade imposed by US President Donald Trump on oil tankers bound for Venezuela has been a significant development affecting the markets. Additionally, news that Trump might appoint a new Federal Reserve Chair has provided further support for gold, driven by expectations of a more dovish monetary policy.

Pepperstone Senior Strategist Michael Brown stated that while a sideways trend might be seen in the markets due to reduced liquidity during the holiday season, the rise in gold and silver will regain momentum as trading volumes increase. Brown said that the 5,000 dollar level for gold and the 75 dollar level for silver are long-term targets.

Activity was also observed in other precious metals. Spot platinum rose 1.2 percent to 2,145.10 dollars, reaching its highest level in the last 17 years. Palladium rose 3.4 percent to 1,819.00 dollars, seeing its peak in the last three years.

News Source: 12punto