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The precious metals market has been quite hot recently. Spot gold has surged in the past two days, breaking above the $4600/ounce mark for the first time, hitting a new high with an intraday increase of 1.92%. This price level is a landmark figure for many financial asset allocators.
Even more impressive is silver. It broke through the two-week high resistance and directly reached a new historical high, currently quoted at $83.9/ounce. The simultaneous rise of these precious metals usually reflects a re-pricing of risk assets in the market and may also be related to global macroeconomic conditions and liquidity changes.
For traders who allocate between crypto assets and traditional financial assets, the movement of precious metals is also worth paying attention to — they often reflect deeper changes in market expectations.