Gold surges straight to $5,240 per ounce, while silver jumps 17% during the Spring Festival period

Reporter | Liu Xueying

In early trading on February 24 Beijing time, precious metals surged sharply.

Spot gold broke through $5,240 per ounce, reaching a three-week high. New York futures gold surpassed $5,260 per ounce, with gains of nearly 0.3% and 0.7%, respectively.

Spot silver rose over 0.6%, staying above $88 per ounce. New York futures silver gained 2% intraday, trading above $89 per ounce.

During the Year of the Horse Spring Festival holiday, most global capital markets rose, with indices in South Korea, the UK, France, and other countries hitting record highs. International gold, silver, and oil prices surged, with silver rising nearly 17%.

According to Daily Economic News, “Doomsday Doctor” Peter Schiff predicts gold prices will hit $7,000, replacing the dollar as the new anchor asset. The driving forces behind this are central banks worldwide increasing gold holdings and expanding U.S. fiscal deficits. He believes the surge in gold prices signals a crisis in the U.S. far worse than 2008, caused by a resonance of sovereign credit, U.S. debt, and dollar crises. Additionally, he claims the new Federal Reserve chair may become a puppet of Trump, considers cryptocurrencies a Ponzi scheme, and advises investors to continue increasing their holdings of gold and silver.

(Edited by: Wen Jing)

Keywords: Gold Silver