(Kitco News) – Precious metals prices are rallying across the board on Friday morning as rate cut optimism breathes new life into risk assets, while also boosting the attractiveness of non-yielding safe havens like gold.
Spot gold hit a new all-time high of $2,581.23 per ounce just minutes before the North American market open and is up 0.84% on the session.
Meanwhile, silver rocketed through resistance at $30 just before 8:00 am and is up nearly 2.5% after touching a session high of $30.667 per ounce.
Platinum also topped out just 50 cents short of the $1,000 per ounce mark on Friday morning and has gained over 2% on the daily chart.
The latest metals rally, which began on Thursday following the release of U.S. PPI for August, has prompted responses from some of the biggest names in bullion.
“Did anyone notice that gold hit a new all-time high today? A few of us did,” wrote Jim Rickards in an X post on Thursday. “It's fascinating how mainstream business media ignores the story. Could it be because the rally in gold is actually the collapse of the dollar?”
Indeed, the U.S. dollar index has been declining since the PPI release, falling from 101.838 early Thursday morning to 100.969 at the time of writing.
“The Most Unnoticed All-Time High Ever,” remarked Ronnie Stoeferle as spot gold traded above $2,559 per ounce for the first time.
Peter Brandt shared a chart showing gold’s performance against major currencies.
This what it looks like for Gold to put fiat currencies to shame$GC_F $EURUSD $GBPUSD $USDCHF pic.twitter.com/s0mMXHs280
— Peter Brandt (@PeterLBrandt) September 12, 2024
“This is a technical chart pattern for the ages,” posted precious metals analyst Northstar. “It's likely to find its way into financial & economic papers, studies and history books of the future.”
“You have a front-row seat,” he added. “Sit back and watch it unfold in front of your eyes...”
“A long-time investor once told us that every asset class gets its time in the sun,” wrote In Gold We Trust. “For years, gold has been lurking in the shadows. Now, it's time to shine!”
At the time of writing, spot gold last traded at $2,578.83 for a gain of 0.79% on the day, after setting a fresh all-time high of 2583.43 per ounce minutes after the equity open.
