Gold, silver, and copper have all been maintaining an uptrend towards record highs in recent weeks, with silver and industrial metal copper topping multi-year records during the week of 20 May 2024. Analysts predict the prices of these commodities will maintain this robust pattern for the next 12 months.
Precious Metals Maintain Steady Rally Towards Record Highs
Spot gold reportedly edged closer to the $2,500 per ounce mark on Monday, 27 May 2024, when it traded at $2,449.89 at one stage. During trading on Tuesday, 28 May 2024, gold slipped slightly and opened the day at $2,338 per ounce. The precious metal is, however, sustaining its upward push despite a weaker dollar and ebbing US treasury yields. CNBC quoted ANZ’s strategists, who noted:
While geopolitical risks continued to bolster haven demand, an impressive rise in China’s gold demand in Q1 2024 has largely fuelled the price rally.
According to a CNBC report, China leads the consumer demand for this precious metal as it is the global front-running buyer of gold jewellery. The World Gold Council indicated this country bought 603 tonnes of gold jewellery in 2023, constituting a 10% increase from 2022.
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Silver also crested on Wednesday, 22 May 2024, when a rally took it past the $31 per ounce mark. Economists believe part of this upswing can be attributed to the bullish performance of gold.
Likewise, copper achieved a historic high on 21 May 2024, trading at $10,857 per ton. Since then, the industrial metal waned somewhat but is sustaining its positive movements.
