Silver peaks at $66; gold rises on soft US labor market

SILVER PRICES surpassed $66 an ounce to a record high on Wednesday, while gold firmed as hopes of rate cuts by the US Federal Reserve renewed after signs of a weak labor market, and as escalating US-Venezuela tensions boosted safe-haven demand.

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Spot silver rose nearly 4% to $66.22 an ounce, after touching an all-time high of $66.88 earlier in the session.

“Silver is pulling gold up with it... there is some rotational money going out of gold and into silver, platinum and palladium,” said Marex analyst Edward Meir.

“$70/oz (for silver) looks to be the next logical target in the short-term.”