Precious metals have become one of the most notable trading sectors this month, recouping losses sustained earlier this year. Silver, in particular, has risen even more sharply than gold.
Gold hit a record high of $5,598 per ounce on January 28 of this year, but a sharp correction later in the year pushed prices down to about $3,942 by the end of June. The decline amounted to approximately 30% from the peak.
It is currently trading around $4,466. As of now, gold has gained 11% over the past month and 3.6% year-to-date, according to Euronews.
Silver’s performance has been even more impressive. The metal reached an all-time high of $121.65 per ounce on January 29 of this year, after which it plummeted to approximately $54.7 by mid-July. The decline amounted to about 55% from its peak.
Since then, silver has risen by about 20%, mostly in August, and is now trading around $66. It is currently up 16.5% for the month but is still down more than 7% year-to-date.
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