Overview
- Spot gold touched a record near $4,525 an ounce before paring gains in later trade, with U.S. futures also printing new highs.
- Silver hit an all-time high of $72.70 and platinum peaked at about $2,377.50, while palladium reached its highest in three years.
- Traders cite expectations for further Federal Reserve easing next year, sustained central‑bank purchases, ETF inflows and a softer dollar as key supports.
- The 2025 surge leaves gold up more than 70% for its strongest year since 1979, with silver up roughly 145%–150% and platinum about 160% on tight supply and industrial demand.
- Thin year‑end liquidity is exaggerating moves, and while banks see scope for new highs into 2026 (with forecasts near $4,900), analysts warn of elevated volatility and sharp pullback risk.