Silver rose to a record, as traders laid speculative bets on continued supply tightness and lower borrowing costs in the US. Gold also gained.
The white metal rose as much as 0.8% to trade at $58.9471 an ounce, above a previous peak of $58.84 set two days earlier. Investors expect that a new Federal Reserve chair and the release this month of delayed US economic data will support US President Donald Trump’s calls for monetary easing. The recent gains in precious metals reflect the potential for cuts to gather pace after Jerome Powell’s term ends in May.