Weak Dollar Sends Gold, Silver to Record Levels

As the US dollar continues to struggle, investors are turning to gold and silver and both precious metals are now trading at or near record levels. Silver for immediate delivery gained 1.4 percent at 8:27 a.m. in New York after earlier jumping 5.4 percent to $49.79 an ounce. Gold climbed for a ninth day, while oil rose 0.5 percent in New York. Oil is also on the rise and observers are waiting for the Federal Reserve’s upcoming economic outlook later this week.

The Fed will also provide an interest rate update and it is expected the Fed will will announce plans to complete the purchase of $600 billion of Treasuries by June.

Source: Bloomberg

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