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Silver prices surged above $45 an ounce for the first time since 2011 on October 5, 2023, driven by increased risk-aversion in equity markets amidst concerns about the US economy. Silver has rallied 55% year-to-date, significantly outpacing gold’s gains.
Spot gold reached an intraday high of $45.07 per ounce before retreating to around $44.70, marking a 1.8% increase. Inflows into global gold exchange-traded funds (ETFs) reached a record $10.5 billion in September, topping $50 billion for the year, reflecting a rising demand for safe-haven assets.
Traders are now focused on the upcoming US personal consumption expenditures price index report, with expectations that softer inflation could support further Federal Reserve rate cuts. Analysts predict that the markets are pricing in two rate cuts by the end of the year.
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