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Home Gold Prices Gold, Silver, and Platinum Surge as Central Banks Signal Rate Cuts

Gold, Silver, and Platinum Surge as Central Banks Signal Rate Cuts

by anna

Precious metals are experiencing strong gains on Thursday, with gold nearing record highs, silver approaching the $30 mark, and platinum testing key resistance levels. This surge comes as central banks signal a shift towards more dovish monetary policies, according to Vladimir Zernov, an analyst at FX Empire.

Gold rallied sharply after the European Central Bank (ECB) cut its interest rate from 4.25% to 3.65%, fueling expectations of further rate cuts from the U.S. Federal Reserve. “Gold tested historic highs following the ECB’s rate cut,” Zernov noted, adding that analysts anticipate the Fed will initiate a new cycle of rate reductions next week, which is likely to bolster gold and other precious metals.

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Zernov said gold could challenge the $2,600 mark if it closes above $2,550 per ounce, noting that the Relative Strength Index (RSI) is still moderate, allowing for further momentum.

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Silver has also shown significant gains, driven by a pullback in the gold/silver ratio to the 85.50 level. Zernov pointed out that if silver breaks above $30 per ounce, it could aim for the next resistance range between $31.45 and $31.75.

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Platinum is joining the rally, benefiting from the broader strength in precious metals markets. Zernov highlighted that platinum is approaching critical resistance levels between $975 and $985 per ounce, with the potential to climb to the next resistance at $1,020 to $1,030 if it breaks through.

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As of the latest data, spot gold is trading near session highs at $2,556.72 per ounce, up 1.80%, while silver is just 15 cents shy of $30 per ounce, gaining 3.95%. Platinum, in one of its strongest sessions recently, is trading at $979 per ounce, up 2.85%.

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