Silver remained close to its all-time high on Monday, slipping slightly as traders took profits ahead of this week’s US Federal Reserve interest-rate decision, while gold recorded a modest rise.

Silver retreated from an all-time high on Thursday as traders locked in profits, while gold remained largely unchanged.

Silver prices surged to a record high as traders bet on ongoing supply constraints and lower borrowing costs in the U.S. Gold also saw gains in the same period.

Gold prices rose on Monday to their highest level in six weeks, driven by growing investor expectations of a possible U.S. interest rate cut later this month and shifts in Federal Reserve leadership, News.Az reports, citing foreign media.

Silver surged to a fresh peak on Monday as traders placed speculative bets amid ongoing supply tightness and rising expectations of an interest-rate cut in the United States, while gold remained steady.