Source: CNBC
Security & Justice
With Destruction at Lebanon Border, Israel Could Seek Buffer Zone
Israel appears to be trying to create a buffer zone in south Lebanon to remove the threat from Hezbollah but its effectiveness in preventing cross-border attacks remains to be seen, observers say.
Saturday, November 23, 2024
Israeli Army Reaches Outskirts of Litani River in Southern Lebanon
Israeli forces have launched their largest ground incursion into southern Lebanon since the conflict began, reaching the outskirts of the Litani River near Deirmimas.
Saturday, November 23, 2024
Opinion
Lebanon's Economy—Not Battlefield—May Have the Final Word
Time and again during this most recent war in Lebanon, we hear the phrase, “The battlefield has the final word”. It has become the sole and wholly unsatisfactory refrain of Hezbollah and the so-called 'Axis of Resistance'.
Wednesday, November 20, 2024
Flying Above the Bombs, a Lebanese Airline Becomes an Unlikely National Hero
It used to be like almost any other national carrier, fielding gripes about flight delays, ticket prices and bad food.
Wednesday, November 20, 2024
Sports
Israel Face France in Paris Football Match Under Tight Security
Israel face France in a Nations League football match in Paris on Thursday surrounded by a huge security operation to prevent a repetition of the attacks on Israeli fans in Amsterdam last week.
Thursday, November 14, 2024
Alcaraz Beats Rublev to Open ATP Finals Account
Carlos Alcaraz opened his account at the ATP Finals on Wednesday with an entertaining 6-3, 7-6 (10/8) win over Andrey Rublev which boosted his hopes of reaching the semifinals.
Wednesday, November 13, 2024
Friday 17 May 2024 13:58:16
Gold, Silver and Platinum’s Red-Hot Rally Still Has Further to Go, Strategists Say
Gold, silver and platinum prices have been on a tear so far this year, and strategists say the precious metals could continue to hit fresh record highs over the coming months.
Precious metal prices got a major boost Wednesday after softer-than-expected U.S. inflation data heightened the near-term prospect of rate cuts from the Federal Reserve.
Gold prices on Wednesday settled at their highest level in over three weeks on the news, while silver notched its highest level in more than three years and platinum climbed to a near one-year peak.
Spot gold prices moderated slightly on Thursday to trade around $2,382 per ounce at 1:25 p.m. London time, after settling at its highest level since April 19 in the previous session. The yellow metal has repeatedly logged all-time highs in recent weeks.
Spot silver prices, meanwhile, traded 0.5% lower at around $29.54 per ounce. The precious metal, sometimes described as the “poorer cousin” of gold, briefly touched $29.73 on Wednesday to register its highest intraday level since February 2021.
Platinum prices for July delivery traded 0.7% higher on Thursday at $1,077 per ounce, extending gains after closing Wednesday’s session more than 2.4% higher.
Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400 level, silver may climb as high as $30, while platinum has upside potential to reach $1,130.
The Danish bank said Wednesday that its “year of the metals” theme had continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.
Separately, analysts at ROTH Capital Partners have tipped gold and silver prices to push even higher over the coming months.
The price of gold “now appears poised to move higher and break out of the recent highs made in April. We can set a technical upside price target to $2,600,” JC O’Hara, chief technical strategist at ROTH Capital Partners, said in a research note published Sunday.
For silver, O’Hara said if prices can break above $30, “it will have little resistance until the $35/$37 area.”
‘Cautious approach’
Gold, which is typically considered a “safe haven” asset in times of financial uncertainty, has been on an upward trend since late 2022 despite high interest rates and a relatively strong U.S. dollar.
Gold prices, like silver, tend to have an inverse relationship with interest rates. A higher interest rate environment usually hurts demand for gold and silver as the precious metals do not pay interest, making them less appealing compared to investments that do, like bonds.
Not everyone expects precious metals prices to go from strength to strength over the coming months, however.
Ewa Manthey, commodities strategist at Dutch bank ING, said in research note published earlier this month that gold prices were likely to ease this quarter “as the Fed continues its cautious approach and with geopolitics already being factored into the current price.”
Manthey said that ING expects gold prices to average around $2,250 per ounce in the second quarter, with a 2024 average of $2,218. The bank had previously said gold prices were likely to peak at an average of $2,300 in the final three months of the year.
