Gold and silver prices rose to record highs on Monday as geopolitical tensions combined with bets on US interest rate cuts to prompt a renewed jump in the precious metals.
The price of gold rose as much as 1.9 per cent in early Monday trading, to touch $4,420 per troy ounce. Silver also hit a record, rising as much as 3.4 per cent on Monday to $69.44 an ounce.
Analysts said the intensifying US blockade on Venezuelan oil was a partial explanation for the rising precious metals prices, as investors seek “safe haven” assets. US President Donald Trump is understood to be weighing military action on Venezuelan soil as he raises the pressure on the autocratic President Nicolás Maduro to step down.
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