Comex gold futures hit a record high of $3,715.20 an ounce, while December Comex silver reached $42.355 an ounce. Geopolitical tensions have escalated this week, with Poland shooting down Russian drones and potentially triggering NATO consultations. Israel’s strike on Qatar may impact ceasefire talks, leading to more safe-haven demand for precious metals. U.S. jobs growth numbers saw sharp downward revisions, prompting calls for the Federal Reserve to lower interest rates. The market expects the Fed to cut rates at next week’s meeting. Lower global interest rates could boost economic growth and demand for commodities. China’s dominance in rare-earth minerals is driving other countries to stockpile strategic minerals, potentially leading to increased competition and bullish prospects for precious metals markets.

Read more at Yahoo Finance: 3 Major Catalysts That Should Keep Precious Metals Prices Elevated as Gold Sets a New Record High