Unprecedented price levels have been recorded in the precious metals market, with the cost of gold and silver surpassing $4,600 and $83 per troy ounce, respectively, for the first time, according to trading information published by RIA Novosti.
As of 8:09 AM Moscow time, the February gold futures on the New York Comex increased by $80.55, which is 1.79 percent, reaching $4,581.45 per troy ounce. During trading, the maximum price of gold reached $4,612.4.
At the same time, March silver futures showed an increase of 5.27 percent, reaching $83.522 per ounce. During trading, the price of silver rose to a record $83.88.
According to Bloomberg, last year the attacks by Donald Trump's administration on the Federal Reserve played a key role in diminishing confidence in the dollar. Currently, the market is closely monitoring statements from Fed Chairman Jerome Powell regarding potential criminal charges from the U.S. Department of Justice. A decline in the dollar's value may contribute to rising gold prices.
As for silver, a supply shortage is expected this year due to increased investment demand, as reported by BMI, a part of Fitch Solutions Inc.
