Precious Metals Soar: Platinum Hits 11-Year High, Silver Breaks 2011 Record, Gold Near Peak
Precious metals are making headlines with remarkable price surges. Platinum has soared to an 11-year high, while silver has broken its 2011 record. Meanwhile, gold is nearing its all-time peak, with record-breaking inflows into gold funds and ETFs.
The rally in precious metals is driven by various factors. Silver, primarily produced by leading mining companies like Fresnillo Plc, Pan American Silver, and Hochschild Mining, has seen its silver price climb above $45 per ounce, breaking its 2011 record.
Platinum, too, is on a tear, reaching over $1,500 and marking its highest level in over a decade. This surge is partly due to supply deficits and strong demand from industries like autocatalysts.
Gold, trading around $3,755, is nearing its record high. Over $50 billion has flowed into gold ETFs this year, with September alone seeing a record $10.5 billion inflows. Central banks and investors are turning to gold as a safe haven and an alternative to bonds.
Friday's US inflation data is expected to provide further momentum for gold and other precious metals.
The precious metals market is ablaze, with gold testing records, platinum benefiting from supply deficits, and silver making a strong comeback. As investors and central banks seek safe havens, these metals continue to gain traction.
