Gold Ounce Price Surpasses $4400 for the First Time Ever!

Gold and silver rose to record levels benefiting from weak U.S. employment data.

SUMMARY

The price of a gold ounce rose above $4400 for the first time in history, supported by weak U.S. employment data and expectations of interest rate cuts, while silver, platinum, and palladium also reached new record highs.

KEY HIGHLIGHTS

Gold ounce price surpassed $4400 for the first time ever.
Silver rose to a record level of $69.14 per ounce.
Weak U.S. employment data and lower-than-expected inflation reading boosted rate cut expectations.
Platinum and palladium reached their highest levels in years.

CORE SUBJECT

Rise in Gold and Precious Metals Prices

Gold and silver rose to record levels on Monday, benefiting from weak U.S. employment data and a low inflation reading that strengthened bets that the Federal Reserve (the U.S. central bank) will cut interest rates in January. A new record level was reached, surpassing the $4400 per ounce barrier for the first time in history, according to trading data. By 02:03 GMT, spot gold rose about one percent to touch an all-time high of $4384.50 per ounce. U.S. gold futures increased 0.7 percent to $4416.30 per ounce. Spot silver jumped three percent to a record high of $69.14 per ounce. Gold, a traditional safe-haven asset, has risen 67 percent this year, driven by geopolitical and trade tensions, strong central bank purchases, and hopes for interest rate cuts next year. Silver has increased 125 percent since the beginning of the year. Consumer prices in the United States rose 2.7 percent year-on-year in November, below economists' expectations surveyed by Reuters, which forecast a 3.1 percent increase. Non-yielding assets like gold tend to rise in a low interest rate environment. As for other precious metals, platinum rose 2.6 percent to $2028.34 per ounce, its highest level in more than 17 years. Palladium increased 3.8 percent to $1772.74 per ounce, its highest level in about three years.

KEYWORDS

gold silver interest rates Federal Reserve precious metals

MENTIONED ENTITIES 2

Federal Reserve

🏛️ Organization

The U.S. central bank responsible for monetary policy

United States

📍 Location_Country

Country source of inflation and consumer price data