Gold and silver advance together

On September 13, 2024, the global precious metal futures market experienced a significant upward trend, with COMEX gold and silver futures performing particularly well. The price of gold futures surged 1.76% to close at $2587.2 per ounce, while silver futures rose an astonishing 4.45%, pushing the price up to $30.215 per ounce. The strong performance of the precious metal market in this round not only reflects the increasing demand for safe haven assets among global investors, but also reveals the market's cautious and optimistic attitude towards future economic trends.

COMEX gold futures performed strongly in trading on September 13th, breaking through recent highs and setting a new intraday record. Behind this increase is the combined effect of multiple factors. Firstly, the ongoing global geopolitical tensions have led investors to seek safe haven assets to mitigate potential risks. As a traditional safe haven tool, gold has naturally become the first choice for investors. Secondly, market concerns about the prospects of global economic recovery have also contributed to the rise in gold prices to some extent. Despite recent data showing signs of recovery in some economies, the path of global economic recovery remains challenging, further highlighting the safe haven value of gold.

In addition, changes in US monetary policy have also had a significant impact on gold prices. Recently, the market generally expects that the Federal Reserve may further cut interest rates to stimulate economic growth, which reduces the attractiveness of the US dollar and thus increases the relative value of gold. The weakening of the US dollar index provided strong support for gold prices, leading to a significant increase in gold futures prices on September 13th.

Compared to gold futures, COMEX silver futures have seen a more astonishing increase, reaching 4.45%. The strong performance of silver prices is also driven by both risk aversion and industrial demand. On the one hand, as a member of precious metals, silver also has safe haven properties. Against the backdrop of global geopolitical tensions and increasing economic uncertainty, investors' demand for silver has also increased. On the other hand, silver is widely used in the industrial sector, especially in areas such as electronics, solar energy, and healthcare where demand continues to grow. With the gradual recovery of the global economy, the demand for silver in these industries is expected to further increase, thereby driving up silver prices.

In addition, the supply and demand relationship in the silver market also affects its price trend to a certain extent. In recent years, global silver production growth has slowed down while demand continues to grow, leading to a decrease in silver inventories. This supply-demand imbalance provides upward momentum for silver prices. In the trading on September 13th, silver futures prices were driven by multiple factors and achieved a significant increase.

Looking ahead, the outlook for the international precious metal futures market remains optimistic. Firstly, the path of global economic recovery remains challenging, and the uncertainty of geopolitical situations will continue to exist. These factors will provide the basis for safe haven demand in the precious metal market. Secondly, with the gradual recovery of the global economy, the demand for precious metals in the industrial sector is expected to further increase. Especially with the rapid development of new energy vehicles, renewable energy and other fields, the demand for precious metals such as silver will continue to grow.

However, it is worth noting that the price fluctuations in the precious metal market also have a certain degree of uncertainty. Changes in monetary policy, sudden changes in geopolitical situations, and fluctuations in market sentiment can all have a significant impact on the prices of precious metals. Therefore, investors should closely monitor market dynamics, rationally analyze market trends, and develop reasonable investment strategies when participating in the precious metal market.

In summary, the general rise in the international precious metal futures market on September 13th was the result of multiple factors working together. Gold and silver, as traditional safe haven assets and industrial raw materials, have shown strong upward momentum against the backdrop of increasing global economic uncertainty. In the future, with the continuous advancement of global economic recovery and the continued existence of safe haven demand, the prospects of the precious metal market are still worth looking forward to. But investors also need to remain vigilant and closely monitor market dynamics to cope with potential price volatility risks.