• Precious metal prices have pushed higher in recent weeks amid growing expectations of U.S. interest rate cuts.
  • Marcus Garvey, head of commodities strategy at Macquarie, said on Friday that near-term U.S. jobs and inflation data could determine whether gold prices push as high as $2,300 or drop back to around $2,100.
  • "If we start to see global growth pick up a bit more over the course of this year — which is very much our base case — then I would expect silver to go from a relative underperformer to gold to being a relative outperformer to gold over really the third and fourth quarter of this year," Garvey said.
One-kilogram silver bars sit stacked at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020.

A record-breaking rally for gold may yet continue, particularly as investors position for interest rate cuts — but analysts say silver appears well placed to outshine the yellow metal in the second half of the year.

Spot gold prices on Monday edged higher to $2,178 per ounce, after settling at their highest since 1979 on Thursday last week.