[Global Times comprehensive report] The global metal market continues to soar! According to the report of Yahoo Finance, the price of gold futures in New York rose to $2450 per ounce in early trading on Monday, surpassing the previous high set in April. Silver also rose to above US $32 per ounce on Monday, the highest price since the end of 2012. According to the report, in recent months, gold rose sharply because the Federal Reserve's interest rate cut was not as expected by the market and the strong demand from central banks and Asian buyers. Gold has risen by 18% this year, and silver, which has outperformed gold in recent weeks, has risen even more, up 35% so far this year.

After a strong rise on Monday, the prices of gold and silver in the New York futures market fell back in Asian trading on Tuesday.

The Wall Street Journal quoted analysts as saying that after this round of rise, the price of gold futures hit a record high, against the backdrop of Chinese investors flocking to safe haven assets, rising expectations of interest rate cuts, and increasing geopolitical tensions. According to the report, Iranian President Leahy was killed in a helicopter crash on May 20, disrupting the global market and boosting the price of gold and oil.

According to the report of Yahoo Finance, unlike gold, silver can also be used for industrial purposes such as solar panels. According to the latest data from the World Silver Institute, an industry non-profit organization, the industrial demand for silver will hit a new high for the third consecutive year in 2023.

Meanwhile, copper prices hit a record high on Monday. Reuters reported that copper is widely used in the power and construction industries. Benefiting from the green energy transformation, the electric vehicle industry and the increased demand for new applications, including artificial intelligence data centers, copper prices will continue to be supported in the future.

Michael Widmore, head of the global metal research department of Bank of America, said that the strong demand for copper in the market will continue next year, and the market will remain a structural bull market in the next two years. He predicted that copper for various purposes, from cable to machinery, would reach an average of 12000 dollars per ton in 2025, up 20% from the current level. (Ni Hao)