Original title: Gold and Silver Jump as Rate-Cut Wagers Reignite Bull Run
Silver surged above $40 an ounce for the first time since 2011 and gold approached an all-time high as the prospect of Federal Reserve rate cuts gave fresh impetus to the multiyear 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 just below its April record above $3,500 an ounce. Gold hit a record Monday in a London Bullion Market Association auction.