Gold Reaches Record High, Silver Soars, Precious Metals Strengthen
In the early hours of January 31, Beijing time, the precious metals market surged significantly. Spot gold exceeded $2,798 per ounce, setting a new historical record, while silver, gold futures, and copper prices also climbed.
Spot Gold Breaks $2,798, Setting Historical Record
On Thursday, at the close of the New York session, spot gold rose by 1.22%, at $2,793.12 per ounce. At 15:00 Beijing time, the gold price broke through the $2,760 consolidation range and steadily rose. By 00:01, the gold price reached a new historical high, peaking at $2,798.59.
COMEX gold futures also performed strongly, gaining 2.06% to close at $2,826.80 per ounce, and reached a historical high of $2,828 at 23:56. The April contract rose by 2.00% to $2,849.50 per ounce, reaching a peak of $2,853.20 by 00:01, surpassing the previous high of $2,846.60 on October 30 last year.
Silver Rises Significantly, Futures Surge Over 4%
Spot silver also stood out with a gain of 2.65%, settling at $31.6670 per ounce, accelerating its upward trend after 20:00 Beijing time.
COMEX silver futures saw more pronounced gains, closing up 4.18% at $32.705 per ounce, further bolstering the overall strength of the precious metals market.
Copper Prices Increase Slightly, Market Trends in Focus
In addition to gold and silver, COMEX copper futures also rose by 0.51%, to $4.3050 per pound. Analysts believe the rise in precious metal prices is mainly influenced by market risk aversion sentiment and expectations of monetary policy, with investors continually focusing on the global economic environment and future policy directions.
