Original title: Gold and Silver Jump as Rate-Cut Bets Reignite Bull Run
Silver surged above $40 an ounce for the first time since 2011 and gold rose closer to an all-time high as the prospect of Federal Reserve rate cuts gave fresh impetus to the multi-year bull run in precious metal markets. Spot silver rose as much as 2.6% to $40.7599 an ounce — taking gains this year to about 40% — while gold jumped as much as 1.2% to trade just below its April record above $3,500 an ounce. Both metals have more than doubled over the past three years, propelled by mounting risks in the spheres of geopolitics, business, and global trade.