Gold tops $2,700, silver hits 14-year high

Bars of gold and silver

Gold prices soared today, Sept. 26, while silver hit its highest level since 2012, amid anticipation for US data.

December gold futures rose 0.85%, or $22.8, to $2,707.5 per ounce at 02:37 p.m. Makkah time, after hitting a new record high of $2,684.7 per ounce yesterday. Spot gold rose 1%, or $26.47, to $2,683.36 per ounce.

Meanwhile, December silver futures rose 2.8%, or 90 cents, to $32.92 per ounce, surpassing $32.6, the highest level since 2012, and extending their gains year-to-date to 37%.

Silver has been one of the best-performing major commodities this year as the US Federal Reserve begins to cut rates, while industrial use is likely to increase as China moves to support its economy.

Investors are looking ahead to the final reading of US GDP for Q2 2024, which will be released later today, with expectations for the data to be revised downwards to 2.9% from 3% in the second reading.

This could boost the chances of the Fed continuing to ease monetary policy while also reigniting fears that the world’s largest economy is sliding into recession, both of which are positive for the yellow metal.