Gold exceeds $4,460 per ounce…and silver is near its highest levels

Gold jumped to a record high level today, after investors rushed towards the yellow metal, which is often considered a safe haven asset, at a time when the United States tried to detain more oil tankers carrying Venezuelan crude, while silver also rose near its highest levels ever.

Gold in spot transactions increased 0.5 percent to $4,467.66 per ounce by 00:41 GMT, after hitting another record level of $4,469.52 earlier in the session.

US gold futures for February delivery rose 0.74 percent to $4,502.30 an ounce.

Silver rose in spot transactions by 0.19 percent to $69.15 per ounce.

Silver reached its highest level ever at $69.44 yesterday, Monday.

Gold has increased 70 percent since the beginning of this year, and exceeded the level of $4,400 for the first time yesterday, Monday, driven by geopolitical and trade tensions, central banks buying large quantities of it, and increasing hopes for a decline in US interest rates next year.

Silver has risen 140 percent since the beginning of the year so far, outperforming gold, and approached the $70 level in the previous session.

US authorities said that the Coast Guard this month seized a sanctioned giant tanker carrying Venezuelan oil and attempted to intercept two other ships linked to Venezuela earlier this week.

Traders still expect two interest rate cuts by the Federal Reserve (US central bank) next year.

Christopher Waller, a member of the Federal Reserve and a candidate to succeed Jerome Powell as chairman, said last week that the central bank still has more room to cut interest rates.

Non-yielding assets, such as gold, tend to rise when interest rates fall.

As for other precious metals, platinum in spot transactions rose 1.1 percent to $2,143.70 an ounce, its highest level in 17 and a half years, while palladium increased 1.42 percent to $1,784.30 an ounce, the highest level in almost three years.