Middle East risks spurred demand, and gold and silver prices soared

Sina Financial News Gold rose nearly 1% during the day, rising to a record high, and silver stood above $29, hitting the highest level in more than three years. Higher gold prices this year have led to a rally in silver, as central banks have ramped up their purchases of the expensive metal, while heightened geopolitical risks in the Middle East and Ukraine have also supported gold consumption. In addition, traders have also been assessing the magnitude of the Fed’s rate cuts in 2024, although recent still-strong inflation data from the largest U.S. economy has clouded that outlook. However, the 14-day RSI for both metals is well above 70, exceeding what some investors consider to be overbought, which could signal that the market may pause.