Overview
- Spot gold climbed toward $4,490 per ounce on Tuesday with futures briefly touching $4,530, while silver crossed $70 to a new high near $70.80.
- Tuesday’s surge marked gold’s 50th record-setting session of 2025, extending back-to-back days of all-time highs for both metals.
- The rally follows a recent 25-basis-point Fed cut and a weaker dollar, with markets pricing further easing next year that lowers bullion’s opportunity cost.
- Safe-haven demand strengthened on rising geopolitical tensions, including heightened U.S. pressure on Venezuelan oil tankers and a Ukrainian strike on a Russian shadow-fleet tanker.
- Strong ETF inflows and central-bank buying underpin gains as gold rises roughly 68–70% this year and silver more than doubles, though analysts warn stretched positioning and thin year-end liquidity could spark sharp pullbacks.