Gold extends record, silver jumps to 12-year high as precious metals outperform stock market

Gold and silver showed no sign of slowing their rise on Monday as investors continue to pour into precious metals.Gold futures (GC=F) touched fresh records, rising as much as 0.8% to hover near highs of $2,750 per ounce. Silver futures (SI=F) gained more than 3% before paring gains, briefly topping $34 per ounce, the highest level in 12 years.The two precious metals have outperformed the broader markets, with bullion rising 26% year to date and silver gaining 35% during the same period, compared to the S&P 500’s (^GSPC) gain of 19% since the start of 2024.Gold purchases by central banks, which hit a record in the first quarter of 2024, have been one of the biggest drivers of the precious metal’s rise this year. BofA analysts estimate gold has surpassed the euro to become the world’s largest reserve asset, second only to the US dollar.Investors have also flocked to physically backed gold exchange-traded funds, with inflow up three months in a row, according to the World Gold…