Producers of metals and other raw materials rose, establishing itself as the leading S&P 500 industry group for the year so far as reports of an investigation into Federal Reserve Chairman Jerome Powell spurred safe-haven demand.
Silver futures leapt more than 7% to $84.61 an ounce, as a parabolic rally continued. Gold futures rose to record highs above $4600 an ounce.
"There's no inherent value in gold other than making jewelry and a placeholder for wealth," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Silver has utilitarian value, as do other precious metals. With gold, it's more of that placeholder so to speak at a time where there's uncertainty."
The SPDR Select Sector Materials exchange-traded fund, which tracks the materials industry group of the S&P 500, is up 6.6% for the year to date.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-26 1757ET
