Precious Metals Hit Record Highs: Gold tops $4500 while silver, platinum surge to new peaks

Gold prices climbed above $4,500 an ounce for the first time on Wednesday as silver and platinum also set new all-time highs amid heightened geopolitical tensions and expectations for further U.S. interest rate cuts.

Spot gold edged up 0.2% to $4,494.75 an ounce in London trading after touching a record of $4,525.77 earlier in the session.

Silver advanced 1% to $72.33 an ounce following a peak at $72.70, and platinum rose 1.2% after surpassing $2,300 an ounce for the first time since 1987.

Palladium traded down 2.5% at $1,815.25 an ounce after retreating from a three-year high. U.S. gold futures for February delivery settled 0.3% higher at $4,520.00.

Gold has advanced nearly 70% this year while silver has climbed almost 150%, putting both on pace for their strongest annual gains since 1979.

Platinum has risen about 150% over the same period as tight global supplies and disruptions in South Africa contributed to a third straight annual market deficit.

Central bank purchases remained elevated throughout the year as holdings in exchange-traded funds increased every month except May.

Escalating conflicts in Venezuela, including a U.S. blockade of oil tankers and warnings from President Donald Trump to Venezuelan President Nicolás Maduro, bolstered safe-haven buying.

Traders anticipate two Federal Reserve rate reductions next year, which typically support non-yielding assets like precious metals in low-interest environments.

A declining U.S. dollar and ongoing physical demand further fueled the rally.

For silver, speculative inflows combined with supply issues from an October short squeeze and a U.S. Commerce Department investigation into critical minerals imports that may result in tariffs.

Platinum benefited from high borrowing costs and investor shifts from gold, while base metals like copper rose in tandem.

“The dominant drivers for both gold and silver right now are the combination of sustained physical demand and renewed sensitivity to macro risk,” said John Feeney, business development manager at Guardian Vaults, a Sydney-based bullion dealer.

As of today, all the previous metals have hit record highs that we have never seen in human history.