Gold prices soar on rate optimism and sovereign buying

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Kitco News) – Gold prices are benefiting from renewed momentum on lower rate hike expectations and strong central bank demand, while India’s new import controls drive domestic demand even lower, according to precious metals analysts at Heraeus. In their latest update, the analysts noted.

What Happened

Turning to silver, Heraeus analysts noted that Indian silver imports were exceptionally low in July, well beyond the month’s typical seasonal weakness. See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies.

• Silver prices are outperforming on Monday morning as they attempt to reclaim the $65 per ounce level.

• Spot silver last traded at $63.961 per ounce for a gain of 0.63% on the daily chart.

• Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news.

Key Details

He has a Bachelor's degree Specialization in Journalism from Concordia University.

• He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.

• Ernest Hoffman is a Crypto and Market Reporter for Kitco News.

What Reports Say

Coverage of the story so far points to:

• Continued reporting by KITCO as more details emerge