Gold And Silver Hit Highest Prices In Months-Here’s Why
Gold and silver prices have reached multi-month highs following a period of summer stagnation. Analysts attribute the rally to a weakening US dollar and the Treasury Department's decision to increase buybacks of long-term government debt.
Why it matters
Precious metal price fluctuations are key indicators of investor sentiment regarding economic stability and government fiscal policy.
Topline Precious metals prices are finally rallying after a mostly stagnant summer, with gold hitting its highest price in three months on Friday and silver hitting its highest level in two months, which analysts are largely attributing to a weaker dollar and the Treasury Department’s announcement it would ramp up buybacks of longer-dated government debt.
The price of gold hit a three-month high Friday. (Photo by Matt Hunt/NurPhoto via Getty Images) NurPhoto via Getty Images Key Facts Gold futures hit their highest level since about mid-May on Friday, rising about 2% to reach a price of $4,661.70.
Silver rose a similar amount, inching up about 2% to hit a price of $70.08, marking the first time the precious metal has crossed the $70 threshold since about mid-June.
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