Gold and silver prices scaled record highs at auctions on Monday, bolstered by a sinking dollar and expectations of a US interest rate cut this month.
A gold price of $3,475 per troy ounce was set at the afternoon auction of the London Bullion Market Association, a benchmark for the major bullion trading banks, surpassing a previous high of $3,454 on April 22.
On the spot market, gold reached a four-month high of $3,489 per troy ounce in intraday trading, just $11 shy of its all-time high, also set on April 22 during the turmoil that followed US President Donald Trump’s “l(fā)iberation day” tariff announcements. Silver soared to a 14-year high of $40.76 per ounce.
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