SEOUL, December 29 (AJP) - Global silver prices rose above US$80 an ounce, reaching an all-time high. According to data released by Bloomberg on Monday, spot silver briefly jumped to $84 an ounce, setting a new record, and was trading around $80.1 in the afternoon.
Silver, a precious metal with strong industrial demand in semiconductors and solar power, has surged this year as supply constraints coincided with expectations of U.S. interest rate cuts.
Silver has surged about 180 percent so far this year and is expected to record its biggest annual gain since the 1979 Iranian Revolution, though some analysts warn of potential near-term corrections.
Spot gold remained strong, trading around $4,500 an ounce after hitting a record high recently.
Copper also extended gains, trading at $12,960 a ton on the London Metal Exchange and nearing $13,000. The industrial metal topped $12,000 a ton for the first time last week amid growing concerns that the U.S. could impose additional tariffs starting next year.
Silver, a precious metal with strong industrial demand in semiconductors and solar power, has surged this year as supply constraints coincided with expectations of U.S. interest rate cuts.
Silver has surged about 180 percent so far this year and is expected to record its biggest annual gain since the 1979 Iranian Revolution, though some analysts warn of potential near-term corrections.
Spot gold remained strong, trading around $4,500 an ounce after hitting a record high recently.
Copper also extended gains, trading at $12,960 a ton on the London Metal Exchange and nearing $13,000. The industrial metal topped $12,000 a ton for the first time last week amid growing concerns that the U.S. could impose additional tariffs starting next year.
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