New record copper price reverberates through commodity markets.
It was due to pay more than $11,700 a tonne on Friday after Citi raised its target price for the all-important commodity due to lower supply. Gold fell slightly in the past week, but remains close to a record high.
As of this year, gold already has a larger share of central bank reserves than US bonds, which happened for the first time since 1996. Between 2010 and 2021, central banks bought 473 tons of gold per year, a record 1,136 tons in 2022 and 1,045 tons last year, SEEbiz reports.
Both Bank of America and HSBC predict gold will reach $5,000 an ounce by the end of next year, while Goldman Sachs has set a target of $4,900. Silver is shining brighter, with its price almost doubling this year and hitting a new record high of $59.32 last week.
