Precious metals are experiencing a notable rally on Friday morning, driven by renewed optimism surrounding potential interest rate cuts and increased interest in non-yielding safe havens like gold.
Spot gold reached an all-time high of $2,581.23 per ounce shortly before the North American market opened, marking a gain of 0.84% for the session.
Silver surged through the $30 resistance level early in the morning, climbing nearly 2.5% to a session high of $30.667 per ounce.
Platinum also saw significant gains, approaching the $1,000 per ounce mark. It traded just 50 cents shy of this milestone, recording an increase of over 2% on the daily chart.
The metals rally, which began on Thursday following the release of August’s U.S. Producer Price Index (PPI), has drawn attention from notable figures in the bullion industry.
“Did anyone notice that gold hit a new all-time high today? A few of us did,” Jim Rickards posted on X. “It’s intriguing how mainstream media seems to overlook this story. Could it be that gold’s rally is signaling the collapse of the dollar?”
Indeed, the U.S. dollar index has been on a decline since the PPI data was released, falling from 101.838 early Thursday to 100.969 as of this report.
Ronnie Stoeferle noted, “The Most Unnoticed All-Time High Ever,” as spot gold traded above $2,559 per ounce for the first time.
Precious metals analyst Northstar shared a chart highlighting gold’s performance against major currencies, describing it as a “technical chart pattern for the ages” that could become a significant reference in future financial and economic studies.
“You have a front-row seat,” Northstar remarked. “Sit back and watch it unfold.”
In a statement from In Gold We Trust, it was noted, “Every asset class gets its time in the sun. For years, gold has been in the shadows. Now, it’s time to shine!”
As of the latest update, spot gold was trading at $2,578.83, up 0.79% on the day, after briefly hitting a new all-time high of $2,583.43 per ounce shortly after the equity markets opened.
