Gold and silver reach record high levels.

Gold and silver reach record high levels

Gold and silver surged to record highs on Monday, benefiting from weak U.S. labor data and a subdued inflation reading that bolstered bets that the Federal Reserve will cut interest rates in January.

Thus, gold rose by about one percent in spot transactions, touching its all-time high at $4,384.50 per ounce.

U.S. gold futures also increased by 0.7 percent, reaching $4,416.30 per ounce.

Silver, for its part, jumped by three percent in spot transactions, hitting a record high of $69.14 per ounce.

As for other precious metals, platinum rose by 2.6 percent to $2,028.34 per ounce, the highest level in over 17 years, while palladium increased by 3.8 percent to $1,772.74 per ounce, its highest price in nearly three years.