The Commodities Feed: Precious metals hit another record high
The precious metals rally is driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions.
Gold and silver hit another record high, with spot prices jumping to $4,379.93/oz and $54.40/oz, respectively.
Two regional banks disclosed loan issues tied to alleged fraud, raising fears about weakening borrower credit, boosting safe-haven demand.
Traders are increasing their bets on a jumbo US rate cut by year-end, while Fed Chair Powell signalled another quarter-point reduction is likely to happen this month.
Author's summary: Precious metals reach new highs due to economic concerns.