Gold Dips While Silver Rises as Stocks Hit Record Highs
Gold and silver futures showed mixed results on Monday. Gold futures for December delivery fell slightly by 0.13% to $4,156.80 per ounce, while silver futures for the same month rose by 1.46% to close at $61.300 per ounce.
Meanwhile, U.S. stocks ended the day higher, driven by gains in artificial intelligence and technology sectors. The Dow Jones Industrial Average gained 0.18%, the S&P 500 rose 0.66%, and the Nasdaq Composite hit a record high with a 1.05% increase. Ten of the 11 primary S&P 500 sectors finished in positive territory, with materials and communication services leading the gains.
U.S. Treasury yields continued their upward trend, with the 10-year yield reaching 5.31%, its highest close since April 2002. The 30-year yield also rose to 5.66%, its highest settlement since May 2002. Oil prices declined as traders reacted to the Group of Seven's plan to release 100 million barrels of crude and diesel from emergency reserves, along with recovering Middle East exports.
On the corporate front, Nvidia extended its record high with a 2% gain, maintaining its position as the world's most valuable public company. PTC surged 33.49%, the best performer in the S&P 500, following Schneider Electric's acquisition announcement. SpaceX also saw a significant jump of over 7.5% after Morgan Stanley initiated coverage with an overweight rating.