London
14 °C
Manchester
14 °C
Glasgow
Dublin
Belfast
Washington
17 °C
Denver
Atlanta
Dallas
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
18 °C
6 °C
0 °C
28 °C
14 °C
17 °C
16 °C
Silver price hits decades high as gold rush eases / Photo: Mark Makela - GETTY IMAGES NORTH AMERICA/AFP/File
NYSE - LSE
| RBGPF | -1.86% | 75.73 | $ | |
| CMSC | -0.38% | 23.62 | $ | |
| AZN | 0.2% | 85.555 | $ | |
| BTI | -1.04% | 51.07 | $ | |
| VOD | 0.18% | 11.29 | $ | |
| RYCEF | 0.84% | 15.53 | $ | |
| NGG | -0.27% | 73.41 | $ | |
| GSK | 0.2% | 43.435 | $ | |
| RIO | -1.03% | 67.01 | $ | |
| SCS | -1.33% | 16.57 | $ | |
| BP | -0.41% | 34.38 | $ | |
| RELX | -1.44% | 45.19 | $ | |
| BCE | 0.71% | 23.395 | $ | |
| CMSD | -0.25% | 24.27 | $ | |
| BCC | -2.89% | 74.27 | $ | |
| JRI | -0.77% | 14.012 | $ |
Silver price hits decades high as gold rush eases
The price of silver hit a three-decade high on Thursday as investors kept flocking to safe havens amid geopolitical and economic uncertainty, but gold eased off a record run.
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates, the US government shutdown, political turmoil in France and a Gaza ceasefire deal.
The price of silver topped $50 an ounce for the first time since 1993 in the wake of sister safe-haven gold soaring to record highs.
The metal hit $50.0341, while gold retreated after hitting a record above $4,000 an ounce on Wednesday.
"I think it's a catch-up effect," John Plassard, head of investment strategy at Cite Gestion Private Bank, told AFP.
He cited concerns about the US economy, prospects of more interest rate cuts by the Federal Reserve this year and worries about France's debt.
"What's also happening -- and this is what gave silver an extra boost -- is that we've started hearing talk of a shortage of silver," Plassard said, noting that the metal is used for industries such as solar panels as well as an investment asset.
Gold and silver are seen as safe haven investments in times of uncertainty.
"It looks as if gold may be consolidating after two months of relentless gains," said David Morrison, senior market analyst at Trade Nation, a financial services firm.
On the equities front, the tech-heavy Nasdaq was slightly down in early deals and the broader S&P 500 was flat after both closed at record highs the previous day.
The dollar firmed against main rivals.
US stocks have been resilient despite Republicans and Democrats appearing no closer to reaching a deal to reopen the government as the closure goes into a second week.
Investors are turning their attention towards company results.
Shares in soft drink and snacks giant PepsiCo rose after reporting a third-quarter sales increase that beat expectations.
The Paris stock market was up in afternoon deals as French President Emmanuel Macron races to find a new prime minister after the resignation of Sebastien Lecornu tipped the country deeper into political crisis.
The Frankfurt DAX opened at a record high.
Ferrari had its worst slump since entering the Milan stock market in 2016, falling almost 15 percent at one point as an update to its 2030 financial guidance disappointed investors.
In Asia, the Tokyo stock market closed up 1.8 percent after business-friendly Sanae Takaichi recently became leader of Japan's ruling party.
- Key figures at around 1335 GMT -
New York - Dow: FLAT at 46,623.65 points
New York - S&P 500: FLAT at 6,756.20
New York - Nasdaq Composite: DOWN 0.1 percent at 23,025.52
London - FTSE 100: DOWN 0.2 percent at 9,531.20
Paris - CAC 40: UP 0.2 percent at 8,078.13
Frankfurt - DAX: UP 0.4 percent at 24,689.55
Tokyo - Nikkei 225: UP 1.8 percent at 48,580.44 (close)
Hong Kong - Hang Seng Index: DOWN 0.3 percent at 26,752.59 (close)
Shanghai - Composite: UP 1.3 percent at 3,933.97 (close)
Euro/dollar: DOWN at $1.1610 from $1.1628 on Wednesday
Pound/dollar: DOWN at $1.3365 from $1.3401
Dollar/yen: UP at 152.74 yen from 152.64 yen
Euro/pound: UP at 86.86 pence from 86.78 pence
Brent North Sea Crude: UP 0.2 percent at $66.35 per barrel
West Texas Intermediate: UP 0.2 percent at $62.69 per barrel
M.Costa--INP
