Gold, silver and platinum's red-hot rally still has further to go, strategists say

Gold, silver and platinum prices have been on a tear so far this year, and strategists say the precious metals could continue to hit fresh record highs over the coming months.

Precious metal prices got a major boost Wednesday after softer-than-expected U.S. inflation data heightened the near-term prospect of rate cuts from the Federal Reserve.

Gold prices on Wednesday settled at their highest level in over three weeks on the news, while silver notched its highest level in more than three years and platinum climbed to a near one-year peak.

Spot gold prices moderated slightly on Thursday to trade around $2,382 per ounce at 1:25 p.m. London time, after settling at its highest level since April 19 in the previous session. The yellow metal has repeatedly logged all-time highs in recent weeks.

Spot silver prices, meanwhile, traded 0.5% lower at around $29.54 per ounce. The precious metal, sometimes described as the "poorer cousin" of gold, briefly touched $29.73 on Wednesday to register its highest intraday level since February 2021.

Platinum prices for July delivery traded 0.7% higher on Thursday at $1,077 per ounce, extending gains after closing Wednesday's session more than 2.4% higher.

Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400level, silver may climb as high as $30, while platinum has upside potential to reach $1,130.

The Danish bank said Wednesday that its "year of the metals" theme had continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.

Separately, analysts at ROTH Capital Partners have tipped gold and silver prices to push even higher over the coming months.

The price of gold "now appears poised to move higher and break out of