Gold and silver prices hit historic highs in the international market

ISLAMABAD: Gold and silver prices have hit new record highs due to geopolitical and economic uncertainty at the global level.

On Monday, the price of gold crossed the $4,600 per ounce mark for the first time in history, while silver also touched its highest level.

Spot gold prices in the global market rose 1.3 percent to $4,469.49 per ounce, while gold also hit a record high of $4,600.33 during trading. US gold futures for February delivery were trading at $4,591.10, up 2 percent.

According to senior market analysts, the main reason for the rise in gold and silver prices is geopolitical risks and global political tensions, which have attracted investors to safe investments.

Weak US jobs data also strengthened expectations that the Federal Reserve could cut interest rates at least twice this year, boosting demand for non-yielding metals, especially gold and silver. A weaker dollar also supported precious metals.

Silver, on the other hand, rose 3.5% to $82.72 an ounce, after hitting a session high of $83.96. Platinum also rose 3.2% to $2,345.40 an ounce, after hitting a high of $2,478.50 last month.