Gold and silver prices hit new highs as central banks around the world buy gold in large quantities

Since the beginning of this year, the rise of precious metals has dominated the commodity market. In March, gold prices broke through the $3,000 per ounce mark, and earlier this month, they surpassed $4,000. International gold prices surged on Monday, reaching a new high of over $4,100 per ounce, while silver prices also followed suit and hit a historical high. Analysts point out that the current gold trading frenzy is partly supported by rising expectations of interest rate cuts by the Federal Reserve. Currently, the U.S. federal government is still in a "shutdown," and no one can determine when it will end, which means the U.S. economy may be impacted. In addition, the global central bank gold buying spree and the increase in gold ETF holdings have also contributed to the rise of precious metals. On Monday local time, Bank of America raised its price forecasts for gold and silver, becoming the first major bank on Wall Street to raise its 2026 gold price forecast to $5,000 per ounce and silver price forecast to $65 per ounce