Gold reached a record high, approaching $3,516 an ounce, as US rate cuts and Fed concerns fueled a rally. The metal has surged over 30% this year, outperforming other commodities. Silver is up 40% in 2019, surpassing $40 an ounce. Both metals are in demand due to geopolitical and economic risks.

Investors are turning to gold and silver as safe haven assets amidst global uncertainty. ETF holdings for silver have increased for seven months straight, leading to tightness in the market. A weaker US dollar has boosted buying power in major consuming countries. Lease rates for metal borrowing remain high at around 2%.

Gold was trading at $3,515.75 an ounce, with silver and platinum up 0.3% and palladium unchanged. Despite the dollar index rising 0.4%, precious metals continue to attract investors. The market is anticipating a rate cut by the US central bank, supporting the upward trend in gold and silver prices.

Read more at Yahoo Finance: Gold Hits Record High on US Rate-Cut Bets, Growing Debt Concerns