WASHINGTON : Gold jumped 1% in spot trading to hit $4,192.78 an ounce by 10:09 a.m. EST (1510 GMT), marking its highest level since November 14. The metal is now on track for a 2.9% weekly gain and is poised to close the month up 4.6%, extending its winning streak to a fourth consecutive month.
The momentum wasn’t limited to gold. Silver prices surged to a new all-time high of $55.33 an ounce, climbing 3.5% during the session and a striking 13% for the month, cementing its position as one of the strongest-performing commodities this year.
Market sentiment was lifted as investors grew increasingly confident that the Federal Reserve will cut interest rates next month.
Trading activity saw brief disruption earlier in the day after a technical outage halted CME Group’s futures markets, affecting contracts linked to currencies, commodities, Treasury bonds, and equities. Futures trading resumed at approximately 13:30 GMT, restoring market flow.
Following the restart, U.S. gold futures for February delivery rose 0.61% to $4,227.60 an ounce, reinforcing the bullish trend across the precious metals market.
Spot gold jumped 1% to $4,192.78, its highest since mid-November, as investor optimism over a Fed rate cut boosted precious metals. Silver soared to a record $55.33, up 13% for the month. A CME Group technical glitch briefly halted futures trading before resuming, with February gold futures rising to $4,227.60.