On Wednesday, December 24, gold for the first time exceeded the price of $4,500 per ounce, while silver and platinum also reached record highs. This was reported by Reuters, writes UNN.
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This is due to investors buying up precious metals to hedge geopolitical and trade risks, as well as expectations of further rate cuts in the US in 2026.
Spot gold rose 0.2% to $4495.39 per ounce by 05:52 GMT, after earlier in the session reaching a record high of $4525.19. US gold futures for February delivery rose 0.4% to a record high of $4522.10.
Silver rose 1.1% to $72.16 per ounce, after earlier reaching a record high of $72.70, and platinum jumped 2.5% to $2333.80 after reaching a high of $2377.50.
Palladium rose almost 3% to $1916.69, its highest level in three years.
Precious metals have become more of a speculative narrative around the idea that in a deglobalizing world, assets are needed that can act as a neutral intermediary without sovereign risk, especially given the ongoing strained relations between the US and China.
The price of gold could reach $5,000 within the next six to twelve months, and silver could rise to $80, as markets react to key psychological levels, Spivak added.
This year, gold has risen by more than 70%, the largest annual gain since 1979. Silver has risen by more than 150% over the same period.