At 18:15 (17:15 Lisbon time), the price of gold reached a new all-time high, settling at $4,117.13, marking a 2.4% increase compared to Friday’s closing price of $4,017.79.
By 19:30 (18:30 Lisbon time), gold slightly reduced its gains, trading at $4,110.06, up 2.3% from Friday’s close.
On October 8, gold surpassed the $4,000 per ounce mark for the first time and is on track to close its best year since 1979, with a 56% increase this year.
Analyst Adrián Hostaled attributed the rise in gold prices to the tensions between the US and China, “continuous capital flows into gold ETFs,” and growing expectations of further interest rate cuts by the US Federal Reserve later this year.
Silver, following gold’s lead, also reached a new high during today’s session, surpassing $52.
Specifically, at 18:56 (17:56 Lisbon time), silver was trading at $52.1072, a 3.9% increase from Friday’s close of $50.1478.
By 19:30 (18:30 Lisbon time), silver’s rally paused at $51.91, up 3.52%.
On October 9, silver exceeded the $50 per ounce mark for the first time.
The previous all-time intraday highs were recorded in June 2011, coinciding with central banks’ quantitative easing programs. At that time, silver reached $49.80.
This year, silver has risen by more than 79.6%.
Both metals experienced significant appreciation today, driven by new trade tensions between the US and China, and a political uncertainty backdrop following a partial US government shutdown and the political crisis in France.
[News updated at 19:29]
