Gold surged to a record high on Tuesday as investors flocked to the yellow metal, which is often regarded as a safe-haven asset, amid reports that the United States was seeking to detain more oil tankers carrying Venezuelan crude. Silver also climbed to near its all-time highs.
اضافة اعلان
Spot gold rose 0.5% to $4,467.66 per ounce by 00:41 GMT, after touching another record high of $4,469.52 earlier in the session. U.S. gold futures for February delivery increased 0.74% to $4,502.30 per ounce.
Spot silver gained 0.19% to $69.15 per ounce, after reaching an all-time high of $69.44 on Monday.
Gold has risen 70% since the beginning of the year, breaking above the $4,400 level for the first time on Monday, driven by geopolitical and trade tensions, heavy purchases by central banks, and growing hopes for U.S. interest rate cuts next year.
Silver has climbed 140% since the start of the year, outperforming gold, and approached the $70 level in the previous session.
U.S. authorities said the Coast Guard detained a sanctioned supertanker carrying Venezuelan oil earlier this month and attempted to intercept two other Venezuela-linked vessels earlier this week.
Traders continue to expect two interest rate cuts by the U.S. Federal Reserve next year.
Christopher Waller, a member of the Federal Reserve Board and a potential successor to Jerome Powell as Fed chair, said last week that the central bank still has room to further cut interest rates.
Non-yielding assets such as gold tend to benefit when interest rates decline.
As for other precious metals, spot platinum rose 1.1% to $2,143.70 per ounce, its highest level in 17 and a half years, while palladium gained 1.42% to $1,784.30 per ounce, its highest level in nearly three years.
Reuters
