At 16:32 (Lisbon time), the price of gold surged to a new record of $3,567.41.
After the closure of European markets at 17:00, gold was priced at $3,564.85, marking a 0.91% increase.
Earlier, gold had reached $3,546.96 and has been hitting new records throughout the day, continuing the trend from the previous day when it surpassed its last peak reached in April at $3,500.10 per ounce.
Similarly, silver prices have also recovered, reaching new highs since 2011 after surpassing the $41 level.
At 15:25 (Lisbon time), silver hit $41.46, and post-European market closing, it fluctuated around $41.18, showing a rise of 0.73%.
Analysts attribute the boost in precious metal prices to recent expectations of an interest rate cut by the U.S. Federal Reserve, which is scheduled to meet on September 16 and 17.
They also point to significant macroeconomic and geopolitical volatility and the depreciation of the dollar.
