Silver and Gold Reach New All-Time Highs Amid Market Rally
Silver surged 9% to a record high of $78.53 an ounce, driven by a market deficit and rising industrial demand, with other precious metals like gold and platinum also reaching all-time highs.
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Industrial Demand
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"Gold Prices Await Fed Cuts Signal, Silver Demand Surges"
Gold prices are holding steady but may need a clear dovish signal from the Federal Reserve to break above $2000 per ounce, according to analysts at Heraeus. The recent rally in gold, driven by safe-haven demand amid Middle East tensions, may see some downside risk as the "war premium" dissipates. Rising risk appetite and resistance around $1,980 are also factors to watch. However, sustained central bank purchases and the potential boost in industrial silver demand from increased ethylene oxide production are supporting factors. Central banks have added 800 tonnes of gold to their reserves this year, and if Q4 is strong, net central bank purchases could exceed last year's record.
Natural Gas Futures Struggle Amidst Bearish Pressure and Mild Forecasts.
Natural gas markets continue to show a lot of noise and have fallen a bit during the trading session on Thursday. The $2.00 level underneath should continue to offer a bit of support against selling pressure. However, if the market breaks down below that level, it could find itself in a bit of a black hole. There is no real reason for natural gas to be strong due to the fact that temperatures are going to start rising in the United States and Europe, which will drive down demand. Furthermore, there is a worry about whether or not the industrial demand will crater due to the negative economic activity.