Gold prices reach new highs… Silver also ‘excited’

Breaking $1 million for the first time per gold bar
Silver futures prices rose 7% over three trading days,

[Seoul=Newsis] Reporter Kim Geun-soo = According to the Korea Exchange, the unit of exchange traded funds (ETFs) linked to silver futures, KODEX silver futures (H), rose 6.16% in the past week to 4650 won per ounce based on the previous day. An employee is seen holding a silver bar at the Korea Gold Exchange in Jongno-gu, Seoul on the 29th. 2023.08.29. [email protected], ‘[Seoul=Newsis] Reporter Kang Soo-yoon = The price of one gold bar surpassing $1 million for the first time in history, as international gold prices hit a record high, is causing a stir in silver prices as well.’,
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, ‘According to MarketWatch, Nasdaq, and others, on the 19th (local time), the price of gold per Troy ounce traded at $2,501 (about 3.34 million won). The gold price exceeded $2,500 per ounce for the first time, pushing the price of a standard gold bar over $1 million (about 13.35 billion won) for the first time.’,
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, ‘Domestic gold prices have also been on the rise for several days. According to the Korea Gold Exchange, the price of one “han don” of gold (3.75g) was 458,000 won when buying, up 3,000 won (0.66%) from the previous trading day. It has risen by about 1.8% in the past ten days. On the 13th, it reached 460,000 won, nearing the record high on the 17th of last month (465,000 won). The price of one “han don” of gold has increased by 33.9% compared to the same month last year.’,
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, ‘In the KRX gold market, the price of 1g of gold was 107,420 won as of the closing on the 1st, up 230 won (0.21%) from the previous trading day. It reached 109,820 won on the 13th. Compared to the closing price on December 28th last year (86,340 won), it has surged by 24.2%.’,
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, ‘As the price of gold rises, the price of silver is also quietly increasing. The price of silver futures per troy ounce on the New York Mercantile Exchange was $29.30 based on the previous day, marking a 7.05% increase over the past three trading days. This is about 67% higher than the lowest price in the past year on September 1st last year ($17.55).’,
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, ‘Silver prices have also risen in the domestic market. The price of one “han don” of silver (3.75g) was 5,520 won when buying according to the previous day, up 4.35% in the past week. Compared to five months ago on March 20th at 4,710 won, it has surged by 17.2%.’,
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, “Exchange traded funds (ETFs) based on gold and silver assets are also delivering good returns. The weekly returns of ‘ACE Gold Futures Leverage (Synthetic H)’ and ‘KODEX Silver Futures (H)’ tracking the gold futures index at two times each were 6.73% and 5.68%, respectively.”,
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, ‘With the unstable situation in the Middle East and growing expectations of interest rate cuts in the U.S. in September, the prices of safe-haven assets such as gold and silver have been steadily rising since the beginning of the year. When economic uncertainty is high, demand for silver, along with gold, as an inflation hedge, increases. Silver is also used in advanced industrial sectors, which is explained by the rise in silver prices.’,
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, ‘Researcher Sim Soo-bin from Kiwoom Securities stated, “As the U.S. consumer price index in July fell short of market expectations, the outlook for a U.S. Fed rate cut in September remains, causing the gold price to surpass $2,500 per ounce” and “if expectations for a Fed interest rate cut continue after the conclusion of the Jackson Hole meeting on the 23rd, concerns about the outlook for commodity demand and the impact of supply issues on commodity prices could be alleviated,” he said．’,
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