U.S. Stocks in Motion | Precious Metals Sector Surges as Southern Copper (SCCO.US) Jumps Over 7%

Stock News02-03 23:09

On Tuesday, the precious metals sector experienced a powerful rally. Southern Copper Corp (SCCO.US) led the gains, soaring more than 7%, while Freeport-McMoRan (FCX.US) and First Majestic Silver (AG.US) both climbed over 5%. Pan American Silver (PAAS.US) advanced more than 4%, and Newmont Mining (NEM.US) rose over 3%. The surge was driven by a strong rebound in gold and silver prices, with spot gold skyrocketing over 5% to surpass $4,900 and spot silver surging more than 12% to $88.76. A recent report from Joni Teves, an analyst at UBS Global Research, indicated that while gold faces near-term price pressure risks, the precious metals market maintains favorable long-term prospects worthy of investor attention. Regarding gold's long-term outlook, Teves holds an even more optimistic view. She believes that uncertainty in the global financial system and concerns about future economic trends will continue to drive demand for gold growth. Particularly amid potential Federal Reserve policy shifts and escalating international political risks, gold's advantages as a safe-haven asset will become more pronounced. Consequently, despite facing certain short-term risks, gold prices still possess significant upside potential from a long-term perspective.

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