Silver prices climbed above $80 an ounce on Monday, helped by strong demand from both the industrial and investment markets, lower stockpiles, geopolitical issues, and the expectation of another cut in U.S. interest rates.
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On Sunday, the price of gold in spot trading dropped by 0.1 percent to $4,527.79 an ounce by 11:52 GMT, after reaching a new high of $4,549.71 the previous day. U.S. gold futures for February delivery closed at $4,553.10 an ounce.
The price of silver increased by 3.8 percent in spot trading to $82.15 an ounce, after hitting a record high of $83.62 earlier in the session. Silver has risen by 181 percent since the start of the year, breaking through the $80 level.
This growth is due to silver being considered a key metal in the U.S., limited supply, and low inventories, combined with rising demand from both industry and investors.
For other metals, platinum dropped 0.8 percent in spot trading to $2,429.10, after reaching a record high of $2,478.50 earlier in the session. Palladium rose 0.1 percent to $2,003.83 an ounce.
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