Silver extended its record rally on Tuesday, breaching the key $70-an-ounce mark, while gold and platinum also touched historic highs.
Spot silver rose 3.2% to $71.22 per ounce as of 03:12 p.m. ET (20:12 GMT), after touching a record high of $71.49 earlier. Prices are up 147% year-to-date.
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"At the bottom of this is the reality of supply and demand in a market that has been in deficit for five years, alongside increasing industrial demand. The safe-haven aspect, expectations of a weaker dollar and lower yields are also contributing to the bid," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"Silver's next target is $75, but year-end profit-taking could trigger a pullback."
The U.S. dollar fell in a holiday-shortened week. A weaker dollar makes dollar-priced metals more attractive to overseas buyers.
Spot gold added 1.1% to $4,492.99 per ounce after hitting a record $4,497.55.
Bullion has surged about 70% this year, driven by geopolitical tensions, U.S. rate cuts, strong central bank buying and robust investment demand.
Spot silver rose 3.2% to $71.22 per ounce as of 03:12 p.m. ET (20:12 GMT), after touching a record high of $71.49 earlier. Prices are up 147% year-to-date.
Get the latest news from India and how it matters to the world with the Reuters India File newsletter.
"At the bottom of this is the reality of supply and demand in a market that has been in deficit for five years, alongside increasing industrial demand. The safe-haven aspect, expectations of a weaker dollar and lower yields are also contributing to the bid," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"Silver's next target is $75, but year-end profit-taking could trigger a pullback."
The U.S. dollar fell in a holiday-shortened week. A weaker dollar makes dollar-priced metals more attractive to overseas buyers.
Spot gold added 1.1% to $4,492.99 per ounce after hitting a record $4,497.55.
Bullion has surged about 70% this year, driven by geopolitical tensions, U.S. rate cuts, strong central bank buying and robust investment demand.
