Ross Norman, CEO of Metals Daily, joins Yahoo Finance's Akiko Fujita to discuss gold prices hitting a new record Monday, along with his outlook on silver.
Gold futures rose Monday to their highest level on record and silver settled at their highest since 2013, with the latest gains for the dollar-denominated precious metals driven by a drop in the U.S. dollar to its lowest in two years. August gold rose $33.50, or 1.8%, to settle at $1,931 an ounce, topping the previous record most-active contract settlement of $1,897.50 from Friday. On an intraday basis, prices touched $1,941.90, topping the previous intraday record of $1,923.70 an ounce from Sept. 6, 2011, according to Dow Jones Market Data. September silver rose $1.65, or 7.2%, to settle at $24.501 an ounce, the highest finish for a most-active contract since August 2013.
Silver managed to settle above the resistance at $23.25 and rallied towards $24.60.