(Kitco News) – Gold prices are posting good gains in midday U.S. trading Tuesday and hit another record high of $2,675.70, basis December Comex futures. Silver prices are sharply up and hit a nine-week high. Safe-haven bids are boosting the two precious metals markets.
Technical charts are also bullish for gold and silver, which is inviting speculators to the long sides. December gold was last up $20.40 at $2,673.00 and December silver was up $1.20 at $32.295. The precious metals received some more bullish news today as China’s central bank lowered a key rate, the reserve requirement ratio for banks, by 0.5% in bid to support China’s stock and property markets.
That’s the biggest easing move by China since the pandemic. The PBOC easing will likely prompt better demand for raw commodities, including the metals, from the world’s second-largest economy. Copper prices rallied sharply on the news. The People’s Bank of China said it expects another 20-50 basis-point cut by year-end. The PBOC also lowered its short-term, seven-day RRP rate to 1.5% from 1.7%.
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