Gold hits record high, silver touches 14-year peak

Gold bars

Gold futures climbed to a fresh record during Monday’s trade, while silver topped $40 an ounce for the first time in more than a decade on bets the US Federal Reserve will cut interest rates this month.

December gold futures rose 0.85%, or $30.2, to $3,546.3 an ounce after hitting $3,552.4, the highest level ever for the most-active contract.

Spot gold gained 0.85%, or $29.04, to $3,476.99 an ounce as of 08:26 a.m. in Mecca time.

The dollar index, which measures the greenback against six major peers, edged down 0.1% to 97.69.

December silver futures, the most-active contract, jumped 1.6% to $41.37 an ounce, the highest since September 2011. Spot platinum added 0.65% to $1,379.86, while spot palladium rose 1.65% to $1,122.28.

The rally came after San Francisco Fed President Mary Daly reiterated support for a rate cut in a social media post on Friday, citing risks to the US labor market, Reuters reported.