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November 22, 2024
PI Global Investments
Precious Metals

Gold hits record high as China demand surges


The price of gold reached a record high while silver hit its highest level since 2012 as growing interest from China and wider geopolitical tensions pushed “safe haven” metals to new heights.

Spot gold prices reached a record of $2,427.21 per ounce at midday on Monday, while spot prices for silver reached their highest value since December 2012 at $32.28 per ounce.

The death of President Raisi of Iran in a helicopter crash on Sunday, along with the war in Gaza, was highlighted by some as contributing to surging precious metal prices. Philip Newman, managing director of Metals Focus, an independent precious metals consultancy, said: “You’ve got that element of safe haven out there and with the Middle East, from a big picture point of



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