Washington: Gold, silver and platinum prices continued their strong rally on Friday, touching fresh record levels in international markets as investors moved towards safe assets amid global economic and political uncertainty.
Gold prices moved closer to the 5000 dollar per ounce mark, supported by a weaker US dollar and growing expectations that the US Federal Reserve may cut interest rates later this year. Analysts said lower interest rates usually make gold more attractive because it does not offer interest income.
Silver crossed the historic 100 dollar per ounce level for the first time. The metal gained from strong investor demand and tight physical supply in global markets. Experts said silver is also benefiting from its dual role as both an investment asset and an industrial metal.
Platinum also climbed to a new high, supported by investor interest and limited supply from major producing countries. Some investors are turning to platinum as an alternative to gold due to its lower price compared to gold in previous years.
Market watchers said the rally is being driven by fears over global conflicts, slowing economic growth in major economies and uncertainty about future financial policies. Central banks in several countries are also continuing to buy gold for their reserves, adding further support to prices.
However, analysts warned that prices could see short term corrections as traders book profits after the sharp rise. They said future movements will depend on US economic data, central bank decisions and developments in global politics.
For now, precious metals remain in strong demand as investors look for safety in an uncertain global environment.