Spot silver prices hit a new record high in early-morning trade on Monday, while gold also rose amid the possibility of interest rate cuts in December.
Silver hit a high of $57.87 per oz. on Dec. 1 and was trading at $57.43 as of 7:10 a.m. ET, up by 1.82 percent from Friday’s close. Spot gold was trading at $4,250.62 per oz., up by 0.47 percent. Contrasting the precious metal gains, Bitcoin prices dropped by 5.36 percent to $86,015.
In October, the Federal Reserve cut its benchmark interest rate for the second straight meeting, lowering it to a range of 3.75 to 4 percent. According to FedWatch data, the majority of interest rate traders expect a 25-point rate cut at the Fed’s final meeting of the year, scheduled for Dec. 9 to 10….