Gold, silver rise with crypto selloff ‘contributing to the precious metals rally’
Gold (GC=F) and silver (SI=F) prices jumped on Monday as investors flocked to precious metals amid growing market bets on a December rate cut by the Federal Reserve and rising concerns that a surge in the Japanese yen could wreak havoc on markets.
Gold futures rose above $4,270 per troy ounce after closing out their fourth straight month of gains and bringing the yellow metal back within shouting distance of its October record high of $4,336.
The yellow metal is now up more than 60%-year-to-date, far outperforming the S&P 500 (^GSPC) and leaping ahead of bitcoin (BTC-USD), which on Monday sat roughly 9% lower than the start of the year.
Meanwhile silver futures hit intraday nominal all-time highs north of $58 per ounce on…
