Silver Futures Extend Gains to $25 as Gold at All-Time High

© Reuters.

(Bloomberg) — extended their advance to above $25 an ounce on rising haven demand and concerns about the metal’s supply.

Prices are at the highest in about seven years as investors pour into precious metals, with gold trading at an all-time high. Silver’s gains are outpacing bullion as it gets an added boost from expectations of a rebound in global manufacturing and mine disruptions.

Silver futures rose as much as 2.4% to $25.08 an ounce, the highest since August 2013. Spot prices traded 1.3% higher at $24.9040. advanced 0.2% to $1,946.53 an ounce.

Precious metals are on a tear, and there’s expectations of more gains to come, as the outlook for prolonged political and economic turmoil boosts demand for havens. The latest surge comes as the dollar plunges, but there’s a long line of bullish factors lining up to support prices: geopolitical tensions are rising, real rates have tumbled, and government and central banks worldwide have unleashed vast stimulus measures to try and boost economies.

©2020 Bloomberg L.P.

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