Precious metals climbed Wednesday as investors, rattled by ongoing economic uncertainty, sought refuge in safe-haven assets. Gold and silver both saw increases as concerns about global economic growth and the stability of the financial system continued to weigh on market sentiment.

Gold Reaches New Highs

Gold futures reached a new multi-month high, driven by a combination of factors including:

• Fears of a prolonged recession
• Concerns about the health of the banking sector
• A weaker US dollar

Analysts noted that gold’s traditional role as a store of value during times of crisis was attracting investors looking to protect their capital.

Silver Gains Momentum

Silver also benefited from the flight to safety, with prices rising alongside gold. However, silver’s gains were tempered by concerns about industrial demand, as the metal is widely used in manufacturing.

Market Outlook

The outlook for precious metals remains positive in the near term, as economic uncertainty is expected to persist. However, analysts cautioned that a significant improvement in the global economy could lead to a pullback in prices.