reply Gold, Silver and Copper Prices Soar as Global Metals Markets Heat Up

The global metals market continues to surge! According to Yahoo Finance, the price of gold futures in New York rose to $2,450 an ounce at one point in early trading on Monday, surpassing the previous high set in April. Silver also rose above $32 per ounce at one point in Monday's session, its highest price since late 2012. Gold has risen sharply in recent months because the Federal Reserve cut interest rates less than the market expected and because of strong demand from central banks and Asian buyers, the report said. Gold has risen 18% so far this year, and silver, which has performed stronger than gold in recent weeks, has risen even more, up 35% so far this year.　　After Monday's strong rise, gold and silver New York futures market prices have fallen back in the Asian trading session on Tuesday.　　The Wall Street Journal quoted analysts as saying that after this round of gains, gold futures prices hit record highs against the backdrop of Chinese investors flocking to safe-haven assets, interest rate cuts are expected to heat up, and geopolitical tensions have intensified. Reports suggest that the death of Iranian President Lehi in a helicopter crash on May 20 has disrupted global markets and fueled the prices of gold and oil.　　Unlike gold, silver can also be used for industrial purposes such as solar panels, the Yahoo Finance report said. According to the latest data from the World Silver Institute, an industry nonprofit organization, industrial demand for silver is set to hit a record high for the third consecutive year in 2023.　　Meanwhile, copper prices also hit a record high on Monday. Copper is widely used in the power and construction industries and will remain supported going forward, benefiting from increased demand from the green energy transition, the electric vehicle industry and new applications including artificial intelligence data centers, Reuters reported.　　Michael Widmer, head of global metals research at Bank of America, said the market's strong demand for copper will continue next year and the market will remain structurally bullish over the next two years. He predicted that copper for a variety of applications, from cables to machinery, will reach an average of $12,000 per ton in 2025, a 20% increase from current levels.