Gold set a new all-time high and silver reached highs in more than 11 years

Gold set a new all-time high and silver reached highs in more than 11 years
Gold set a new all-time high and silver reached highs in more than 11 years

He gold, one of the assets considered a refuge in times of uncertainty, reached a new record this Monday, above $2,450 per ounce, while silver hit its highest levels since 2012, at $32.5.

According to Bloomberg data collected by EFE, during the early hours of this Monday, gold has set several historical highs, above the last record, reached on April 12, at $2,431.5. The last historical maximum was recorded at 07:51 hours, when its price stood at $2,450.07.

At 6:30 p.m., the price of gold deflated to $2,426, with an increase of 0.44%.

Why gold rose

Analysts are positive about the evolution of the price of gold and silver, which has risen sharply in recent days after more moderate than expected macroeconomic data was released in the US, which has revived hopes about That the Federal Reserve (Fed) finally lowers interest rates this year.

Julius Baer analysts add that, regardless of US monetary policy, the dynamics of the gold market continue to be dominated by Asia and central bank purchases.

Likewise, sources from the Jupiter management company explained that there is still record demand for gold from China and maximum flows of silver towards India.

In this regard, they added that in March India imported a record volume of 70 million ounces (approximately 2,200 tons) of silver, and that more than half of the imports were grains of silver.

They add that the decision of the India to import silver grains suggests it is probably destined for the industry and, in this sense, they specify that “the recently announced plans to build a large electric vehicle factory are a possible destination for the unprecedented flows of silver into the country.”

In the opinion of the same experts, lower import tariffs through the Indian International Bullion Exchange (IIBX), which was created in July 2022, have probably contributed to the sharp increase in silver flows.

What happened to the price of copper

copper.jpg

Copper broke the $11,000 barrier for the first time.

Along with gold and silver, other metals, such as platinum or copper, are also registering highs. In it In the case of copper, it rose more than 25% in the year and broke the US$11,000 barrier for the first time.

The copper demand It is widely considered an indicator of economic health, since the metal is key to the energy transition ecosystem. It is critical to the manufacturing of electric vehicles, power grids and wind turbines, especially as the global economy electrifies.

Demand for copper from electric vehicles and the transportation sector in general is projected to increase about 5% this year, according to Bank of America.

Copper is also a critical material for cables used in data centers, especially as a boom in artificial intelligence drives more need for data centers.

“With demand for electric vehicles still growing, although at a slower pace, the focus has shifted to the copper needed in the construction of data centers,” says BofA in a note collected by ‘CNBC’.

 
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