Gold extends record, silver jumps to 12-year high as precious metals outperform stock market

Published On Oct 21, 2024, 1:03 PM

Gold and silver prices have surged, with gold reaching record levels around $2,750 per ounce and silver hitting its highest price in 12 years at about $34 per ounce. This increase comes as central banks have significantly boosted their gold purchases, making it the largest reserve asset, surpassing the euro. Year-to-date, gold has risen by 26% and silver by 35%, both outperforming the S&P 500's 19% gain. Analysts anticipate gold could rise further to $2,850 by the end of the year, while silver is expected to benefit from its multifaceted industrial demand, despite potential political uncertainties.