The Commodities Feed: Gold extends record rally

Metals – Gold touches another record Gold rose to another record high with spot prices reaching intraday highs of $4,242/oz this morning, driven by rising US-China tensions and expectations of two more Fed rate cuts this year. Silver prices also rose by more than 3% to close above $53/oz yesterday, amid tight supply in London. US Treasury yields fell to a multi-month low after Fed Chair Powell signalled a likely quarter-point rate cut this month. As for China, President Trump issued a fresh trade threat against the country, obviously heightening trade tensions, with Beijing vowing retaliation over Washington’s proposed 100% tariff hike. Additionally, traders remain cautious ahead of the Section 232 probe outcome on critical minerals – including silver, platinum and palladium – amid renewed fears of potential tariffs, despite their earlier exemption in April. Gold and silver are two of the best-performing commodities this year, with prices up by more than 55% and 80% YTD, ...